BUSINESS

Loonie picks up after European Union reports improvement in economy

08/14/2013 09:59 EDT | Updated 10/14/2013 05:12 EDT
TORONTO - The loonie inched higher against the U.S. dollar Wednesday after the European Union said the longest recession in its history has ended.

The Canadian dollar closed the trading session up 0.14 of a cent at 96.82 cents US.

The EU statistics office reported that the 17 countries that use the euro saw economic output grow by 0.3 per cent in the second quarter. It's the first growth recorded since late 2011.

"By no means do today's data suggest the Eurozone's economic struggles are over," wrote CIBC World Markets economist Emanuella Enenajor in a note.

"With consumers, particularly in peripheral countries, struggling under the burden of elevated joblessness, the quarterly trajectory for eurozone growth could be choppy."

In commodities, September crude settled at US$106.85 a barrel, up two cents.

December gold bullion rose $12.90 to close at US$1,333.40 an ounce, while September copper increased two cents to US$3.34 a pound.