AGL 40.39 Increased By ▲ 0.39 (0.98%)
AIRLINK 126.80 Decreased By ▼ -0.24 (-0.19%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.52 Decreased By ▼ -0.03 (-0.35%)
DFML 41.75 Increased By ▲ 0.31 (0.75%)
DGKC 86.90 Increased By ▲ 0.05 (0.06%)
FCCL 32.30 Increased By ▲ 0.02 (0.06%)
FFBL 65.00 Increased By ▲ 0.20 (0.31%)
FFL 10.15 Decreased By ▼ -0.10 (-0.98%)
HUBC 109.58 Increased By ▲ 0.01 (0.01%)
HUMNL 14.60 Decreased By ▼ -0.08 (-0.54%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.57 Increased By ▲ 0.11 (1.47%)
MLCF 41.30 Decreased By ▼ -0.08 (-0.19%)
NBP 59.53 Decreased By ▼ -0.88 (-1.46%)
OGDC 194.99 Increased By ▲ 4.89 (2.57%)
PAEL 28.27 Increased By ▲ 0.44 (1.58%)
PIBTL 7.77 Decreased By ▼ -0.06 (-0.77%)
PPL 152.36 Increased By ▲ 2.30 (1.53%)
PRL 26.68 Decreased By ▼ -0.20 (-0.74%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 79.06 Decreased By ▼ -6.94 (-8.07%)
TELE 7.45 Decreased By ▼ -0.26 (-3.37%)
TOMCL 35.49 Increased By ▲ 0.08 (0.23%)
TPLP 8.30 Increased By ▲ 0.18 (2.22%)
TREET 16.05 Decreased By ▼ -0.36 (-2.19%)
TRG 53.00 Decreased By ▼ -0.29 (-0.54%)
UNITY 26.75 Increased By ▲ 0.59 (2.26%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,941 Increased By 56.9 (0.58%)
BR30 30,902 Increased By 301.8 (0.99%)
KSE100 93,803 Increased By 447.7 (0.48%)
KSE30 29,055 Increased By 123.8 (0.43%)

The Canadian dollar strengthened against the greenback on Friday as unexpectedly strong Canadian retail sales data increased optimism about the outlook for economic growth. The report, along with other recent data, stood in contrast to signals from the Bank of Canada earlier this week that sluggish growth and the strong Canadian dollar could keep interest rates on hold for longer than markets had expected.
"The relief today for the Canada bulls - and there's still plenty of Canada bulls out there - was the good retail sales number this morning ... it's not all doom and gloom for the currency," said Scotia Capital's Steve Butler, director of foreign exchange trading.
The currency finished at C$0.9954 to the US dollar, or $1.0046, firming from its C$0.9971, or C$1.0029 North American close on Thursday. It rose as high as C$0.9909 after the release of the data. November retail sales climbed 1.3 percent versus a forecast of a 0.5 percent increase, with higher auto sales helping the figure to notch its biggest gain since March 2010. It was the sixth consecutive month of retail sales gains. The Canadian dollar eased from the session high following a retreat in Toronto equities and commodity prices.

Copyright Reuters, 2011

Comments

Comments are closed.