AVN 65.20 Increased By ▲ 0.25 (0.38%)
BAFL 30.74 Decreased By ▼ -0.77 (-2.44%)
BOP 4.80 Increased By ▲ 0.01 (0.21%)
CNERGY 3.71 Decreased By ▼ -0.13 (-3.39%)
DFML 14.21 Decreased By ▼ -0.20 (-1.39%)
DGKC 41.05 Decreased By ▼ -0.55 (-1.32%)
EPCL 46.45 Decreased By ▼ -0.25 (-0.54%)
FCCL 11.40 Increased By ▲ 0.11 (0.97%)
FFL 5.05 No Change ▼ 0.00 (0%)
FLYNG 5.80 Decreased By ▼ -0.02 (-0.34%)
GGL 10.33 Decreased By ▼ -0.12 (-1.15%)
HUBC 66.87 Increased By ▲ 1.23 (1.87%)
HUMNL 5.71 Increased By ▲ 0.05 (0.88%)
KAPCO 27.76 Increased By ▲ 0.01 (0.04%)
KEL 2.20 Increased By ▲ 0.05 (2.33%)
LOTCHEM 24.90 Increased By ▲ 0.55 (2.26%)
MLCF 21.44 Decreased By ▼ -0.04 (-0.19%)
NETSOL 83.60 Decreased By ▼ -1.19 (-1.4%)
OGDC 85.90 Decreased By ▼ -1.35 (-1.55%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.22 No Change ▼ 0.00 (0%)
PPL 74.48 Decreased By ▼ -1.22 (-1.61%)
PRL 13.43 Decreased By ▼ -0.22 (-1.61%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.40 Decreased By ▼ -0.93 (-2.25%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.40 Decreased By ▼ -0.24 (-1.53%)
TRG 111.41 Decreased By ▼ -0.29 (-0.26%)
UNITY 13.75 Decreased By ▼ -0.23 (-1.65%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Markets

Canadian dollar adds to Monday's rally as economy grows

  • Canadian dollar gains 0.1% against the greenback.
  • Economy grows annualized 9.6% in fourth quarter.
  • Price of US oil increases 0.9%.
  • Canadian bond yields rise across a steeper curve.
Published March 2, 2021
Follow us

TORONTO: The Canadian dollar edged higher against its US counterpart on Tuesday, adding to the previous day's rally as oil prices rose and domestic data showed faster-than-expected economic growth.

Canada's economy grew at an annualized rate of 9.6% in the fourth quarter, beating analyst expectations of 7.5%, Statistics Canada data showed on Tuesday, with GDP expected to climb 0.5% in January.

The price of oil, one of Canada's major exports, rose before this week's OPEC+ meeting where producers are expected to ease supply curbs as economies start to slowly recover from the coronavirus crisis.

US crude prices rose 0.9% to $61.18 a barrel, while the Canadian dollar was trading 0.1% higher at 1.2638 to the greenback, or 79.13 US cents.

On Monday, the loonie strengthened 0.7%, its biggest gain in nearly six weeks, as pressure on stocks due to the recent jump in bond yields faded.

Global stock markets paused on Tuesday as investors sought to guess the bond market's next move.

Canadian government bond yields were higher across a steeper curve, with the 10-year up 3.5 basis points at 1.377%. On Friday, it touched its highest intraday since January last year at 1.501%.

Comments

Comments are closed.

Canadian dollar adds to Monday's rally as economy grows

PM Shehbaz says IMF giving Pakistan tough time over unlocking loan

Roshan Digital Accounts: inflow clocks in at meagre $110mn in January

Imran Khan decides against contesting by-elections on 33 NA seats

Cotton arrival plunges 36% year-on-year

2 terrorists killed in North Waziristan: ISPR

KSE-100 retreats 0.64% as rupee falls further

China expected to boost global growth but uncertainties remain: IMF

Sindh Police registers FIR against Sheikh Rashid over ’foul language against FM Bilawal“

India’s Adani denies rise due to Modi as shares slump again

Indian police arrest 1,800 men in crackdown on underage marriage