Posted: Mon Sep 26, 2011 9:57 am Post subject: The Good Thing About the Euro Crisis ...
... is the falling Canadian dollar. In the past month or so, the dollar has fallen almost 10 cents against the U.S. dollar. (link)
It is great news if you are an exporter of goods and services. For example, if you are a consultant with U.S. clients and you get paid in U.S. dollars, you would have seen your bank deposits increase by more than 10 percent without you doing any extra work. It is good news for the forestry sector in B.C. and Quebec, and for the manufacturing sector in Ontario.
However, if you are a net importer, a low C$ is bad news. In addition, if Europe's problems lead to the kind of financial implosion we saw in late 2008, it will be (continuing) bad news for everybody.
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