News : Business : Canadian dollar tops 98 U.S. cents
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Canadian dollar tops 98 U.S. cents

Tuesday, 18-Sep-2007 01:50PM EDT
Story from United Press International. Copyright 2007 by United Press International (via ClariNet)

TORONTO, Ontario, Sept. 18 (UPI) -- The Canadian dollar topped 98 U.S. cents for the first time in 30 years Tuesday in anticipation of a U.S. Federal Reserve interest-rate cut.

The Canadian currency rose as high as 98.02 U.S. cents after closing at 97.28 cents Monday.

It was up 0.52 of a U.S. cent to 97.8 U.S. cents in early afternoon trading.

The last time the Canadian dollar closed above 98 cents was in January 1977.

It has risen 13.9 percent against the greenback so far this year.

Many economists expect the Federal Reserve will cut interest rates by at least a quarter point to 5 percent, while the Canada's central bank, the Bank of Canada, holds interest rates steady.

 

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