It was the best of times, it was the BLURST of times...?

YAY!

Canadian dollar flirts with 87 cents US
Last Updated Wed, 14 Dec 2005 16:49:27 EST
CBC News
The dollar spent early Wednesday in territory it hasn't seen since early 1992.

After spending part of the day above 87 cents US, the loonie later lost its gains and closed at 86.82 cents US, unchanged from Tuesday's close.

The Canadian has not closed above 87 cents US since Jan. 13, 1992.

The U.S. greenback was under early pressure as the U.S trade deficit in October rose to an all-time high of $68.9 billion US.

The rise in the trade deficit was unexpected as economists had been forecasting a slight decrease in the gap between what the United States sells outside of the country and what it imports.

Meanwhile, Canada's trade surplus topped expectations as it came in at $7.17 billion in October, matching a revised September figure.

BOO.....

US trade deficit hits all-time high in October

The US trade deficit unexpectedly rose to an all-time high in October as oil shipments soared and the US set deficit records with China, Europe, Canada and Mexico. The US Commerce Department reported that the gap between what America sells overseas and what it imports rose by 4.4% in October to US$68.9 billion, surpassing the old record of $66B set in September. So far this year, the trade deficit is running at an annual rate of $718B, far surpassing last year's $617.6B imbalance. Critics say the soaring deficit is evidence that President Bush's policy of pursuing free trade deals around the world is not working. To counter the attacks, the administration has stepped up pressure on Europe and Japan to boost economic growth as a way of increasing demand for US exports. It is also pressuring China on a number of trade issues, from textile imports to the country's currency, which American manufacturers say is being manipulated to give Chinese producers unfair trade advantages.
(Associated Press 051214)