LOONIE TAKES OFF, EH?

Sep 11, 2012

By Michael Kramer

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The dollar soared close to 103 cents U-S today on expectations the U-S Federal Reserve will take further steps to help the American economy.

The loonie closed up 45-100ths of a cent at a 13-month high of 102.75 cents U-S.

The American dollar weakened  after Moody’s Investors Service suggested it will cut its rating on U-S government debt if Congress doesn’t reach a budget deal.

That scenario has been called a “fiscal cliff” because it would likely  send the U-S economy back into recession and drive unemployment up.

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