Canada
'September 20, 2007 12:00:00 AM MDT')); Wednesday, September 19, 2007
Canadian dollar reaches parity with staggering U.S. greenback
THE CANADIAN PRESS
TORONTO - The Canadian dollar reached parity with the U.S. dollar this morning for the first time since November 1976.
The loonie has been gaining on its American counterpart since bottoming out below 62 cents in early 2002.
It has risen about five U.S. cents since the beginning of the month.
Helping the Canadian dollar reach the same level as its U.S. counterpart has been continuing weakness with the American currency.
The U.S. dollar has dropped rapidly since the U.S. Federal Reserve cut short - term interest rates by half a percentage point on worries that a global credit crisis has hurt the U.S. economy.
The American dollar has also dropped against other major world currencies, including the euro, the British pound, the yen and the Swiss franc.
This is not a particularly great thing for all Canadians. If you are exporting a Canadian product, it just got more expensive. If you cater to the tourist trade there will probably be fewer of them.
Comments?
'September 20, 2007 12:00:00 AM MDT')); Wednesday, September 19, 2007
Canadian dollar reaches parity with staggering U.S. greenback
THE CANADIAN PRESS
TORONTO - The Canadian dollar reached parity with the U.S. dollar this morning for the first time since November 1976.
The loonie has been gaining on its American counterpart since bottoming out below 62 cents in early 2002.
It has risen about five U.S. cents since the beginning of the month.
Helping the Canadian dollar reach the same level as its U.S. counterpart has been continuing weakness with the American currency.
The U.S. dollar has dropped rapidly since the U.S. Federal Reserve cut short - term interest rates by half a percentage point on worries that a global credit crisis has hurt the U.S. economy.
The American dollar has also dropped against other major world currencies, including the euro, the British pound, the yen and the Swiss franc.
This is not a particularly great thing for all Canadians. If you are exporting a Canadian product, it just got more expensive. If you cater to the tourist trade there will probably be fewer of them.
Comments?
