Canadian dollar slips after report that economic growth slowed in fourth quarter GlobeBusiness
The Canadian dollar weakened against its U.S. counterpart on Friday, on news that Canada’s economy grew at a slower pace than expected in the fourth quarter.
Canada’s gross domestic product grew at an annualized rate of 0.4 per cent in the fourth quarter, down from 2.0 per cent in the third quarter and slower than the 1.2 per cent rate expected by analysts, largely due to lower export prices of crude oil and crude bitumen, Statistics Canada said on Friday.
GDP edged down 0.1 per cent in December as a result of reduced output across most goods-producing industries.“It was softer than expected obviously, with the quarter up 0.4 per cent in GDP terms,” said Nathan Janzen, senior economist at the Royal Bank of Canada. “It looks like a lot of the weakness can be attributed to softening of the oil patch. If you’re the Bank of Canada, it’s another reason to hold off on raising interest rates for a while.
At 8:55 a.m. EST , the Canadian dollar was trading at 1.3226 to the greenback, or 75.61 U.S. cents, down about 0.5 per cent from its level late on Thursday.U.S. crude prices were down 0.23 per cent to $57.09 a barrel, while Brent crude lost 0.21 per cent to $66.17 a barrel. Canadian government bond prices were higher across the maturity curve, with the two-year price up 4 Canadian cents to yield 1.758 per cent and the benchmark 10-year rising 9 Canadian cents to yield 1.932 per cent.
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