Cdn dollar gvng a run to $$$USD

[pri 0]

Canadian dollar opens above 90 cents US for first time in over 28 years

Posted 5/2/2006

By James Dalziel

TORONTO (CP) - With a new federal budget in the wings, the Canadian dollar dollar cracked 90 cents US early Tuesday, its highest level in more than 28 years.

The loonie opened at 90.13 cents US, up 0.3 of a cent. On Monday, the currency had risen 0.38 of a cent to 89.83 cents US.

The Conservative government's first federal budget will be unveiled at 4 p.m. ET, after the markets close.

Global indicators for North American stock markets are generally positive, with Wall Street futures suggesting a strong start for regular trading. European indexes rose in early action after the May Day holiday Monday.

Most Asian markets rose as automobile and bank shares led Japanese stocks higher ahead of a three-day holiday and as Hong Kong shares advanced on easing interest rate concerns.

Philippine shares reached their highest in more than five years, while Singaporean shares climbed to a six-year high.

Japan's benchmark Nikkei 225 index rose 228.06 points, or 1.35 per cent, to finish at 17,153.77 points, recovering for a second day after hitting the lowest in a month last Friday.

Japanese financial markets will be closed from Wednesday through Friday for the Golden Week holidays. The markets will reopen May 8.

In Hong Kong, shares were boosted by banks and property companies on easing interest rate concerns and robust weekend home sales. The blue-chip Hang Seng Index rose 206.74 points, or 1.24 per cent, to 16,868.04.

On Monday, the loonie had risen 0.38 of a cent to a 28-year-high of 89.83 cents US, one day before the Conservatives' federal budget. The loonie had touched an intraday high of 89.98 cents.

In other news:

-Oil prices held steady under $74 US a barrel amid lingering concern that international pressure on Iran to drop its nuclear program may lead to disruptions in the country's oil exports. Light sweet crude futures for June delivery slipped three cents to $73.67 a barrel in Asian electronic trading on the New York Mercantile Exchange.

-Northgate Minerals Corp. (NGX, news) reported a first-quarter profit of $21.7 million US on Monday, reversing a loss of $10.4 million US in same period a year ago.

-Aluminum giant Alcan Inc. (AL, news) more than doubled its profits in the first quarter on rising revenues, a one-time gain from the Enron bankruptcy in the U.S., high metals prices and improved efficiency. The Montreal company reported Tuesday it earned $453 million US or $1.21 a share for the quarter ended March 31, up from net earnings of $218 million US or 58 cents a share for the same 2005 period.

-Credit Suisse Group said Tuesday that first-quarter net profit rose 36 per cent, with its investment-banking unit benefiting from buoyant capital markets. Switzerland's second-largest bank said the figure of 2.6 billion Swiss francs ($2.1 billion US) was up from 1.91 billion francs in the same period a year earlier. That beat analyst expectations, which averaged 2.01 billion francs ($1.62 billion).

So i believe i wld get fair amount of USD if i chnge now??? any suggestions

Al

On Monday, the Toronto stock market made modest gains while crude-oil prices topped $73 US a barrel in New York and gold closed at its highest level since late 1980.

On Wall Street, traders took in better-than-expected U.S. consumer spending and an upbeat sales report from Wal-Mart Stores Inc. but worried about more interest rate hikes by the U.S. Federal Reserve.

Toronto's S&P/TSX composite index was up 30.39 points to 12,234.56. Despite a strong start, gains in energy and gold stocks were tempered by declines in financial and information technology issues.

Jeff Rubin, chief strategist at CIBC World Markets, predicted the benchmark index would hit a record high of 15,000 by the end of next year, fuelled by soaring energy prices.

The TSX Venture Exchange was up 26.92 points at 3,129.99.

Statistics Canada reported that prices for manufactured goods and raw materials increased in March. The federal agency said prices charged by manufacturers were up 0.8 per cent from February to March, mostly because of higher prices for gasoline and fuel oils. Raw materials rose 0.8 per cent.

In New York, the Dow Jones industrial average fell 23.85 points to 11,343.29. The Nasdaq lost 17.78 points to 2,304.79. The S&P 500 was down 5.42 points at 1,305.19.

Wal-Mart (US:WMT, news) jumped 90 cents to $45.93 US after the discount retailer said its same-store sales grew 6.8 per cent in April.

The U.S. Commerce Department reported that consumer spending rose 0.6 per cent in March, an improvement from the 0.2 per cent increase in the previous month.

Units of Yellow Pages Group (YLO.UN, news) edged 45 cents lower to $16 after word the fund is paying $760 million for Classified Media (Canada) Holdings Inc.

Visto Corp. has filed a lawsuit against Research In Motion (RIM, news) for infringement on four of its patents, just two months after RIM agreed to a multimillion-dollar settlement that ended a bitter patent dispute with another U.S. company. RIM shares lost $4.27 to $81.40.

CV Technologies Inc. stock (CVQ, news) gained 25 per cent to $3.36 after the firm announced approval to market its Canadian-developed Cold-fX cold and flu remedy in the United States.

Royal Group Technologies Ltd. (RYG, news) is reporting a fourth-quarter loss of $271.1 million after a $226.4 million write-down related to asset sales. Its shares advanced 35 cents to $10.

[canadalaura 0]

that sucks. going home to TO for a trip this month - guess there'll be no cheap shopping for me!

[zyggy 9]

that sucks. going home to TO for a trip this month - guess there'll be no cheap shopping for me!

If you have significant money that you need to bring to the US is a blessing.. If you have debts in Canada that you still need to pay off it's a disaster. I'm actually surpirsed that Canada hasn't tried to weaken their dollar... The more it get to par with the US Dollar.. the cheaper labor and raw materials from other countries will become... As a net exporter, it's in their best interest to have a weaker currency..

[almaty 19]

wow, those canadians are kicking their economica..and just wait till the oil out west gets at 100%