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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: Jim Willie CB who wrote (4053)	4/11/2003 8:41:03 AM
From: 4figureau	Read Replies (2) of 5423

Loonie climbs to 3-year high By TERRY WEBER Globe and Mail Update Buoyed by a combination of still-solid economic news and the prospect of higher interest rates sent the Canadian dollar higher again Thursday, with the loonie gaining more than half a cent against its U.S. counterpart. The dollar closed trading at 68.79 cents (U.S.) up 0.62 of a cent from Wednesday’s Bank of Canada closing price. That's the highest level for the loonie since April, 2000. The move up came as the greenback traded lower against most major world currencies as markets again focused on weakness in that country’s economic reports after U.S. forces secured Baghdad, offering a sign that the current conflict could end soon. In Canada, traders were also looking ahead to next week’s Bank of Canada meeting. At least some traders were betting borrowing costs will again move higher in Tuesday’s announcement. The central bank raised rates by a quarter percentage point last month, citing concern over rising inflation and continuing strength in Canada’s domestic economy. However, many economists argue that the central bank is likely to hold steady this time out because of the risks posed by global economic weakness and the uncertainty resulting from the current war in Iraq. “Although opinion remains divided on the Bank of Canada, markets are preparing for the possibility of a rate hike next week,” BMO Nesbitt Burns economist David Watt said. “This helped support the Canadian dollar, which strengthened slightly yesterday.” By comparison, the U.S. Federal Reserve is widely seen holding its key target for the federal funds rate at 1.25 per cent as that country’s economy continues to struggle to find its economic footing. Also helping the loonie was a report from the International Monetary Fund on Wednesday, which pegged Canada as the growth leader among Group of Seven industrialized countries this year even as it flagged the threat of continued weakness outside this country’s borders. That weakness was evident in Thursday’s report on Canadian international trade, which showed a narrowing trade surplus in February as exports fell. globeandmail.com

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