Newspaper article The Canadian Press

Canadian Dollar Edges Higher amid Weaker Than Expected Housing Report

Newspaper article The Canadian Press

Canadian Dollar Edges Higher amid Weaker Than Expected Housing Report

Article excerpt

Loonie rises as housing starts slow down

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TORONTO - The Canadian dollar closed higher Monday amid a weak housing report and strong Chinese export data.

The loonie was up 0.19 of a cent to 94.03 cents US as Canada Mortgage and Housing Corp. said that housing starts came in at an annualized rate of 192,235 units in November, a decrease from 198,161 in October. It was also less than the 195,000 reading that economists had expected.

Meanwhile, China posted its biggest trade surplus in almost five years, rising to US$33.8 billion from $31.1 billion the month before. Exports ran ahead 12.7 per cent from November last year, well ahead of October's 5.6 per cent growth.

Imports grew only by 5.3 per cent year-over-year amid tepid domestic demand.

Elsewhere in Asia, Japan slashed its estimate of economic growth for the July-September quarter. The world's third-largest economy grew an annualized 1.1 per cent last quarter, less than half the pace of the previous quarter amid weaker than expected corporate investment. The initial estimate had put growth at 1.9 per cent.

It is a very light week for North American economic data after last week's flood that included strong U.S. manufacturing and housing reports, better than expected third-quarter economic growth and improving consumer confidence. …

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