For the first time in 20 years, the exchange rate between the euro and the U.S. dollar is nearly the same -- the two currencies are less than one cent away from parity.
The euro hovered around US$1.007 on Monday morning, down nearly 15 per cent since the start of the year. Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty caused by Russia's invasion of Ukraine.
The European Union, which received before the war, is attempting to reduce its dependence on Russian oil and gas. At the same, Russia has throttled back gas supplies to some EU countries and recently cut the flow in the Nord Stream pipeline to Germany by 60 per cent.
Now that critical piece of gas import infrastructure in Europe, has been shut down for scheduled maintenance due to last 10 days. German officials fear that it may not be turned on again.
The energy crisis comes alongside an economic slowdown, which has cast doubts over whether the European Central Bank can adequately tighten policy to bring down inflation. The ECB announced that it will hike interest rates this month for the first time since 2011, as the eurozone inflation rate sits at 8.6 per cent.
But some say the ECB is far behind the curve, and that a hard landing is all but inevitable. Germany recorded its first trade deficit in goods since 1991 last week as fuel prices and general supply chain chaos significantly increased the price of imports.
"Given the nature of Germany's exports which are commodity-price sensitive, it remains hard to imagine that the trade balance could improve significantly from here in the next few months given the expected slowdown in the Eurozone economy," Saxo Bank foreign exchange strategists wrote in a recent note.
A series of aggressive interest rate hikes by central banks, including the Fed, coupled with slowing economic growth will keep pressure on the euro while sending investors toward the U.S. dollar as a safe haven, say analysts.
The U.S. Federal Reserve is well ahead of Europe on tightening, having hiked interest rates by 75 basis points while indicating that more rate increases will come this month.
This safe haven retreat into the U.S. dollar could become even more extreme if Europe and the U.S. enters a recession, warned Deutsche Global Head of FX Research George Saravelos in a note last week.
A situation where the euro is trading below the U.S. dollar at a range of US$0.95 to US$0.97 could "well be reached," wrote Saravelos, "if both Europe and the U.S. find themselves slip-sliding in to a (deeper) recession in Q3 while the Fed is still hiking rates."
That's good news for Americans with plans to visit Europe this summer but could spell bad news for economic global stability.
Following the re-election of former U.S. president Donald Trump, former finance minister Bill Morneau says the Canadian government should re-evaluate the timing of some cornerstone Liberal policies.
A team of tornado experts are investigating a path of damage through Wellington County.
Canada has announced changes to their visitor visa policies, effectively ending the automatic issuance of 10-year multiple-entry visas, according to new rules outlined by Immigration, Refugees and Citizenship Canada.
U.S. President Joe Biden and Vice-President Kamala Harris on Monday made their first joint appearance since her U.S. selection loss when they observed Veterans Day together by laying a wreath at the Tomb of the Unknown Soldier.
Across Canada, dignitaries marked Remembrance Day by laying wreaths at ceremonies, school children sang in the late fall chill and veterans recalled the horrors of battle.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
A man accused of killing a person and staging it as a fatal bear attack in Tennessee was taken into custody in South Carolina over the weekend on murder charges, in what authorities described as a plot to steal the victim’s identity.
A B.C. teen has a suspected case of H5N1 avian flu — the first known human to acquire the virus in Canada.
Toy giant Mattel says it 'deeply' regrets an error on the packaging of its 'Wicked' movie-themed dolls, which mistakenly links toy buyers to a pornographic website.
Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.
A team of tornado experts are investigating a path of damage through Wellington County.
Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.
A government-funded report released to Â鶹´«Ã½ highlights 'systemic racism' against dozens of Black executives within the federal public service, including allegations of abuse, violence and harassment that, in some instances, led to suicide.
The federal government is urging both sides in the British Columbia port dispute to return to the table after mediated talks broke off on Saturday, the first of three scheduled days.
The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.
Israel’s new foreign minister said that there has been 'certain progress' in efforts to end the fighting with Lebanon’s Hezbollah.
U.S. President Joe Biden and Vice-President Kamala Harris on Monday made their first joint appearance since her U.S. selection loss when they observed Veterans Day together by laying a wreath at the Tomb of the Unknown Soldier.
A Spirit Airlines plane was hit by gunfire Monday over Haiti’s capital Port-au-Prince, according to diplomatic source in the country, resulting in what the airline described as “minor injuries†to one of its crew members.
New York City Mayor Eric Adams is seeking to move up the start of his trial on corruption and bribery charges so he can focus on his campaign for reelection this spring.
A man accused of killing a person and staging it as a fatal bear attack in Tennessee was taken into custody in South Carolina over the weekend on murder charges, in what authorities described as a plot to steal the victim’s identity.
With armed conflict again on their continent, many European leaders marked the end 106 years ago of First World War with warnings that liberty, so often taken as self-evident, should be cherished and defended.
Following the re-election of former U.S. president Donald Trump, former finance minister Bill Morneau says the Canadian government should re-evaluate the timing of some cornerstone Liberal policies.
Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.
Prime Minister Justin Trudeau announced voters in Cloverdale—Langley City will pick their next member of Parliament on Dec. 16.
A B.C. teen has a suspected case of H5N1 avian flu — the first known human to acquire the virus in Canada.
An opponent of vaccines who urged violence against scientists, politicians and public health officials during the COVID-19 pandemic was sentenced Monday.
Researchers are uncovering deeper insights into how the human brain ages and what factors may be tied to healthier cognitive aging, including exercising, avoiding tobacco, speaking a second language or even playing a musical instrument.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
Bernadett 'Bett'†Szabó, a 19-year-old Hungarian sex worker, was murdered in the Dutch capital in 2009. Now, more than 15 years after her death, police are hoping to uncover new information about her killing.
In 1916, Harold Wrong plucked a flower from the fields of Somme, France and tucked it into a letter he mailed home to Toronto. For decades, the type of flower sent remained a mystery.
Taylor Swift came out on top at the 2024 MTV EMAs on Sunday, walking away with best artist, best U.S. act, best live act and best video for “Fortnight†(featuring Post Malone).
Chu shared on his Instagram Stories that he and his wife Kristin Hodge welcomed their fifth child on Saturday, writing that he “can’t believe this happened while the movie is premiering.â€
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
As money continues to pour into crypto following Donald Trump's victory last week, bitcoin has climbed to yet another record high.
Most U.S. stocks are rising Monday and adding to the gains made during their best week of the year.
Business groups are raising concerns about the broad effects of another round of labour disruptions in the transport sector as Canada faces shutdowns at its two biggest ports.
Doom spending, or the practice of spending money to soothe fears about broader issues like politics or the economy, shows up everywhere from YouTube and TikTok videos to Reddit to personal finance discussions and data in surveys.
A Vancouver designer is making waves in the architectural world with an outdoor modular building created to address the city’s unrelenting housing crisis.
A rare letter signed by three of the U.S. Founding Fathers of the United States is going on sale, and is expected to fetch up to US$1 million when it goes under the hammer next week.\
Canada will be without captain Alphonso Davies for its upcoming CONCACAF Nations League quarterfinal against Suriname.
Pat McLaughlin is stepping down as Hockey Canada's chief operating officer and executive vice-president of strategy, the governing body announced Monday.
The Edmonton Oilers may have found the break they were looking for.
Select Porsche owners in Canada have been told to stop driving their cars immediately and to seek repairs after an issue was identified that could cause wheels to separate from vehicles.
A driver's trip from London, Ont. to Ottawa to visit their girlfriend ended in a traffic stop for speeding on Highway 417, according to police.
Recall notices have been issued for some Volkswagen models from 2006 to 2019 for airbag safety issues.
A congestion crisis, a traffic nightmare, or unrelenting gridlock -- whatever you call it, most agree that Toronto has a congestion problem. To alleviate some of the gridlock, the Ontario government has announced it plans to remove bike lanes from three major roadways.
For the second year in a row, the ‘Gift-a-Family’ campaign is hoping to make the holidays happier for children and families in need throughout Barrie.
Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.
A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.
As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.
A group of women in Chester, N.S., has been busy on the weekends making quilts – not for themselves, but for those in need.
A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.
Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.
A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.
A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.
A B.C. teen has a suspected case of H5N1 avian flu — the first known human to acquire the virus in Canada.
A suspect was arrested for allegedly brandishing a knife outside a Vancouver elementary school on Friday – just as the young students were heading home for the day.
Several hundred people gathered outside the Ontario legislature in Toronto to honour veterans and remember those who died fighting for their country.
Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift’s upcoming Eras Tour, which will be making a stop in Canada’s largest city for a six-show run later this month.
A man believed to be in his 40s has been rushed to a trauma centre following a stabbing in downtown Toronto.
Calgarians observed Remembrance Day at a number of different ceremonies across the city on Monday, including at the Hangar Flight Museum.
A memorial walk was held Sunday afternoon by the Calgary branch of the Ukrainian Canadian Congress to “honour the Canadian soldiers who died fighting for peace in the past and the Ukrainian soldiers who are giving their lives for freedom today,†according to a media release.
July 2025 may seem like it’s in the distant future, but for the St. Luke playground committee time is ticking to fundraise the $340,000 they still need to build a new playground.
Crowds gathered in Ottawa and eastern Ontario on Monday to honour the sacrifice of men and women in uniform who gave their lives in service of Canada.
The company confirms it will open the new Chipotle at 5671 Hazeldean Road on Thursday, in the former location of Benny & Co.
The Fleet Street Pumping station is Ottawa's oldest water facility. Up to two-thirds of the city's water supply can move through it,
A 36-year-old Montreal man who was out on bail after allegedly uttering death threats to a woman is now accused of murdering her on the South Shore.
Private Martine Roy was only 20 years old in 1984 when she was arrested, interrogated and dismissed from the Canadian Armed Forces for being what was then termed a "sexual deviant."
With fewer interments and rising maintenance fees, the money for Canada's largest military cemetery will run out in three to four years.
Edmonton's Beverly Memorial Cenotaph on Monday hosted its 104th Remembrance Day service to honour past and present veterans.
Across Canada, dignitaries marked Remembrance Day by laying wreaths at ceremonies, school children sang in the late fall chill and veterans recalled the horrors of battle.
A member of Canadian Forces Base (CFB) Edmonton participated in the national Remembrance Day Ceremony in Ottawa on Monday.
Thousands of Maritimers turned out in wet weather Monday to remember those who have served, and continue to serve, in Canada's armed forces for Remembrance Day.
A Cape Breton senior recalls her life in German-occupied France, and her mother’s death, during the Second World War.
Thousand of people gathered at the Menin Gate in the Ypres, Belgium for Monday’s Remembrance Day Ceremony.
Thousands gathered at the RBC Convention Centre on Monday to bear witness to a sombre and historic Remembrance Day ceremony.
Four teenagers have been arrested in connection with the attack and robbery of a 62-year-old woman.
One Manitoba veteran is on a mission to commemorate and honour those who served our country, and not just on Remembrance Day.
There will be two ceremonies taking place in Regina for Remembrance Day, hosted by the Royal Canadian Legion.
Fire crews reported that no one was hurt after flames broke out in a home on Robinson Street in central Regina.
Regina author Valerie Crowther is celebrating the release of her book ‘War Letters: Linking Lives in the Second World War.’
A team of tornado experts are investigating a path of damage through Wellington County.
A 15-year-old boy from Kitchener, Ont. is facing a long list of criminal charges as the Waterloo Regional Police Service wraps up a lengthy swatting investigation.
A man is facing an attempted murder charge after an attack at a bar in downtown Guelph.
Saskatchewan RCMP are searching for a suspect after a man was seriously injured in a farm-related incident in Montreal Lake.
It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.
The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.
Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.
Across Canada, dignitaries marked Remembrance Day by laying wreaths at ceremonies, school children sang in the late fall chill and veterans recalled the horrors of battle.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
Oxford OPP say that they are investigating a collision that resulted in serious injuries on Sunday evening.
Southampton military historian Bill Streeter was the driving force behind the renaming of Bruce County Road 19 in honour of the brave men who made up the 160th Bruce County Battalion, and fought in the First World War.
A team of tornado experts are investigating a path of damage through Wellington County.
A Barrie man is at the centre of an alleged $2.2 million stolen used car scheme.
The 75th anniversary of the Barrie Santa Claus Parade will feature floats, live entertainment, and new attractions, including Santa’s Fireside Gathering.
Environment Canada issued a weather alert for Barrie, Collingwood and surrounding areas, alerting residents about the wicked winds that are expected to pick up to 80 kilometres per hour in the afternoon hours.
After a Canada Border Services Agency (CBSA) worker took their own life while on shift at the Ambassador Bridge Saturday, Â鶹´«Ã½ Public Safety Analyst Chris Lewis highlighted the mental health burdens faced daily by law enforcement.
Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.
Windsor Paralympic champion, Danielle Campo, has been crowned the number one Inspirational Speaker of the Year for 2024 at the Inspirational Speaking Finals.
A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.
A B.C. teen has a suspected case of H5N1 avian flu — the first known human to acquire the virus in Canada.
Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.
A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.
The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.
Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.
The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year’s host for the Southern Alberta Summer Games.
The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.
There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.
Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.
It was just days before the COVID-19 pandemic shut the world down when the Shaft Bottom Boys of Sudbury broke a world record for 'Deepest Concert Underground.' Now, more than four years later, a Timmins band is looking to take the title.
Police say that a 16-year-old was attacked with a sword Nov. 3 in Cobalt, Ont., in a case of intimate partner violence.
Police in Newfoundland say a man was electrocuted Saturday by a downed power wire about 10 kilometres north of St. John's, N.L.
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
A Memorial University scientist says the mysterious white blobs washing up on Newfoundland beaches are actually gobs of plastic -- and they need to be cleaned up.
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