Loonie tops $1.03 US

September 14, 2012

The following is excerpted from the 13 September 2012 edition of CBC News.

The Canadian dollar rose above $1.03 US today after the U.S. Federal Reserve announced aggressive actions aimed at stimulating the still-weak American economy by making it cheaper for consumers and businesses to borrow and spend.

The Fed will spend $40 billion a month to buy mortgage-backed securities for as long as it deems necessary. It plans to keep short-term interest at record lows through mid-2015 — six months longer than it previously had planned. And it's ready to take other unconventional steps if job growth doesn't pick up.

This article is available in its entirety at:
http://www.cbc.ca/news/business/story/2012/09/13/fomc-qe.html

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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