By Commodity News Service Canada
Winnipeg, March 24 – The Canadian dollar eased against the US dollar at 11:55 CDT Monday, undermined by disappointing Chinese economic data, analysts said.
The Chinese HSBC purchasing managers’ index dropped to 48.1 in March, from 48.5 in February, the lowest reading since July 2013.
At 11:55 CDT Monday, the Canadian dollar was trading at US$0.8912, or US$1=C$1.1122, which compares with Friday’s North American close of US$0.8921, or US$=C$1.1210.
Last week’s news that Canada isn’t ruling out cutting interest rates, and the US is thinking about raising them, continued to be bearish for the loonie.
Sharply weaker gold prices also spilled over the weigh on the Canadian dollar, though a firmer tone in crude oil was supportive.
The Toronto Stock Exchange was down 102.19 points, or 0.71%, at 11:55 CDT Monday, to sit at 14,233.57.
