TORONTO - The Canadian dollar was slightly higher on Friday morning after data from the U.S. showed the growth of their economy was slower than anticipated in the first quarter. The loonie gained 0.03 of a cent to 101.66 cents US, with key commodities lower. The U.S. Commerce Department reported that real gross domestic product was up 2.2 per cent annualized rate, which is off from a three per cent increase in the fourth quarter. The data also came in below the 2.7-per cent growth rate that economists had predicted. In commodities, the June crude contract on the New York Mercantile Exchange lost 27 cents to US$104.28 a barrel. May copper lifted 2.8 cents to US$3.795 a pound. Bullion prices softened with the June contract down 90 cents to US$1,659.60 an ounce. Concerns about Europe's economy have dominated global markets, with Spain's economic problems becoming an increasing focal point. Questions about Spain's ability to push through austerity and reforms at a time of recession and mass unemployment have been a key point of uncertainty. On Friday, unemployment numbers from the country showed the jobless rate jumped to 24.4 per cent in the first quarter of 2012 — the highest rate in the 17-country eurozone. The figures came shortly after Standard & Poor's became the first of the three leading credit rating agencies to strip Spain of an A rating. It cited a worsening budget deficit, worries over the banking system and poor economic prospects for its decision to reduce the rating by two notches from A to BBB+. It even warned that a further downgrade is possible as it left its outlook assessment on Spain at "negative." The euro also eked out a 0.4 per cent rise to $1.3232, having initially fallen on the bad Spanish news.

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