April 16, 2011 by staff
Canadian Dollar, The Canadian dollar closed lower against the U.S. currency Friday but well off lows earlier oil prices advanced, while the increased global growth concerns amid data showing a persistently high inflation in China.
The Canadian dollar fell 0.03 cent to 104.16 U.S. cents. Oil prices gained 1.55 to U.S. and and 109.66 a barrel. Oil sold the first two days this week, U.S. and .46 on Monday, the highest since September 2008. However, the weak dollar and signs U.S. consumption gasoline remains strong, helped to staunch the losses. Oil has gained 28 percent since Feb. 15 because of the civil war in Libya and concern about the turmoil in other Middle Eastern countries.
Gold prices rose for the third consecutive day with the June bullion contract on the Nymex closing and 13.60 to a record close of U.S. and 1 an ounce.
Copper fell three cents to U.S. and 4.26 a pound in New York.
In China, the figures showed that consumer prices rose 5.4 percent in the year to March from 4.9 percent in February. Mainly rising food costs and expressed concern that China will take more aggressive measures to slow its economy drove the increase.
“This will undoubtedly require the (central bank of China) to raise rates again in turn led to concerns of global growth,” said John Curran, vice president of CanadianForex.
Other data showed that China’s economy grew 9.7 percent in the first three months of the year – little changed from the previous quarter at 9.8 percent – despite government efforts to drive growth at a sustainable level after double-digit growth last year.
In the U.S., consumers pay more for food, gas and last month’s rent, but outside of these categories of inflation remained tame. Labor Department’s consumer price index rose 0.5 percent in March, which was in line with expectations. Outside of the volatile gas, called core index rose 0.1 percent.
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