"Am I therefore become your enemy,because I TELL YOU THE TRUTH...?"
(Galatians 4:16)

Canadian dollar hits top level since '77

NEW YORK -The Canadian dollar climbed to a 30-year high against the U.S. currency Friday, bolstered by higher oil prices, a strong economy and a looming interest-rate increase.Canada's currency advanced as high as 95.53 U.S. cents, pushing past the 95 cents mark for the first time since May 1977. It has risen 10.8 percent so far this year.One of the strongest performers in currency markets Friday, the Canadian dollar rose after Statistics Canada reported that the economy created 35,000 jobs in June, about double what economists had expected.The job spurt left unemployment levels at a three-decade low of 6.1 percent for the fifth consecutive month.The Canadian dollar later retreated to 95.27 U.S. cents.The Bank of Canada is scheduled to make its next interest-rate decision Tuesday. Economists think the latest signs of a booming economy and inflationary pressures will prompt the central bank to increase rates for the first time in more than a year.The 13-nation euro bought $1.3621 in late New York trading, up from $1.3598 late Thursday. The pound, which has been hovering at 26-year highs against the dollar, declined to $2.0106 from $2.0123.The Bank of England on Thursday lifted its key interest rate to 5.75 percent, the fifth such move this year and a widely expected decision, in an attempt to curb inflation.Also Thursday, the European Central Bank left its key interest rate unchanged at 4 percent.The Federal Reserve has left its key rate unchanged at 5.25 percent for the past year.Higher interest rates, a weapon against inflation, can bolster a currency by giving better returns on fixed-income investments.
As in the days of Noah...