Profit Hunters Club

ProfitHuntersClub · Site Admin Joined: 31 Mar 2006 Posts: 25

THE CANADIAN PRESS
November 02, 2007

HALIFAX - Prime Minister Stephen Harper boasted about Canada's strong economy Friday as he gingerly sidestepped delicate questions about the country's soaring currency.

Earlier in the day, the loonie jumped more than two U.S. cents to a record 107.18 cents US on strong employment data and a rise in oil prices.
"The prime minister doesn't comment on the level of the dollar," Harper said after addressing an aboriginal conference in Halifax. "Monetary policy is the responsibility of the Bank of Canada and I have confidence in the bank."

Still, he said he's aware that the dollar's rise is having an impact on the economy.

"We're certainly aware that a high dollar creates some difficulties as well as having some advantages," he said. "It depends on the sector and the circumstances."

"But the fact of the matter is that the economy is very strong compared to our international competitors."

He also noted that new data show the national unemployment rate fell to 5.8 per cent in October - a new 33-year low.

"The rate of growth is strong," he said. "We have a lot of confidence in the economy but I'm not going to make any specific observations about the dollar although we are aware of the difficulties it causes in some cases."
The loonie also benefited from an increase in oil prices, which were up 88 cents at US$94.37 per barrel.

Source: http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=5664583