VANCOUVER (NEWS1130) – Cross border shoppers have been watching the Canadian dollar closely, and it was good news for the loonie today, as positive news in the markets raised the Canadian dollar 1.83 cents to 97.63 cents US.
Last Thursday during the brief market collapse, the dollar sank to 93 cents US…and we asked a number of Vancouver shoppers how low the dollar has to go, before they start changing their cross-border shopping habits.
For many people, the ‘magic number’ seems to be 90 cents, although one woman says it is 80 cents US. “For me you get a lot more variety of stuff down there than you do up here. That’s my reason. I’m willing to pay 20 per cent more.” One other shopper said she’ll go much lower…to 70 cents, or even 50 cents US.
The recent move of the Canadian dollar to par, or better, pushed many shoppers south of the border. Now some of the shoppers say if the dollar starts dropping, they’ll keep heading south, but buy less.
Monday’s closing stock market, dollar, and oil numbers were up, as investors reacted to news that the European Union is taking aggressive action to protect the euro currency and deal with a severe government debt crisis.
The S&P/TSX composite index jumped 255.47 points to 11,947.9, while the DOW was up 404 to 10,785. Oil rose $1.69 a barrel to $76.80, while gold dropped $9.60 to close at $1,200/oz.