Skip to main content

The Globe and Mail

Loonie ends lower as U.S. retail sales disappoint

Canadian dollars (loonies).


The Canadian dollar closed lower Tuesday amid a worse-than-expected reading on U.S. retail sales and mixed commodities.

The loonie ended down 0.11 of a cent at 91.66 cents (U.S.).

The Commerce Department reported that U.S. retail sales rose just 0.1 per cent last month, after surging 1.5 per cent in March following a harsh winter that had curtailed shopping.

Story continues below advertisement

Auto sales increased 0.6 per cent in April and purchases at clothing stores were up 1.2 per cent. But most of those gains were offset by declines in spending at restaurants, online retailers and furniture and electronics stores.

It's a light week for Canadian data. Statistics Canada releases the March report on manufacturing shipments on Thursday.

On the commodity markets, June crude in New York gained $1.11 to $101.70 a barrel, June gold bullion edged $1 lower to $1,294.80 an ounce and July copper slipped a penny to $3.14 a pound after running up over 2 per cent Monday.

In other economic news, a German survey of investment professionals has found that optimism fell in May for the fifth month in a row, a sign that growth in Europe's biggest economy may be slowing.

The ZEW indicator fell to 33.1 from 43.2 in April. The decline was bigger than anticipated as the market consensus had been for a more modest drop to 40.0.

Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨