Weekly News Watch 16

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With us being in the second week in October we have seen interesting news come at our feet’s.

We saw the Canadian dollar with a opening at 97.13 cents U.S. on Tuesday, pushing up the demand for oil and other commodities. As the loonie got stronger, it has made it more difficult for companies that export to the United States.

It should be noted that the loonie soared above parity with the U.S. dollar in 2007 for the first time in decades, causing Canada’s export based industries to suffer.

Canadian banks have once again adjusted their residential mortgage rates, however this time it is an increase we are all seeing. For homebuyers this should be a sign that you should look to lock in the lowest rate around because it might not be around much longer.

It is now expected that Canada’s economy will be growing at a faster pace in 2010 that previously though based on Reuters Poll. The increase pace is unable to convince the Bank of Canada to raise the interest rates anytime soon though.

Canada’s annual inflation rate once again stayed below zero for the 4th consecutive month in September; however it is expected to come to an end soon. I am sceptical on what has been said, and will wait and to see before anticipating it.

Canada has suffered a deficit for the first time in nearly a decade, and it is not expected to get out of it any time soon. One can blame the unexpected recession for this however we should have been more prepared in the event of a recession and we might of avoided this.

With the week at an end, let us look forward to what is to come.

Related Posts

• Canada’s Growth Surpasses G7
• Loonie Reaches Parity Momentarily
• Carney Holding Down Loonie
• TD Canada Trust Adjusts Residential Mortgage Rates
• RBC Adjusts Residential Mortgage Rates