By Commodity News Service Canada
Winnipeg, October 2 – The Canadian dollar was higher Thursday morning, as timid manufacturing data in the US weakened the American greenback.
The loonie held its own even as prices for oil and some metals fell, analysts said.
Meantime, the number of people applying for unemployment benefits in the US dropped 8,000 last week to a seasonally adjusted 287,000. The total number of Americans collecting benefits dropped to its lowest level in more than eight years, according to a report.
The US government is scheduled to release employment data for September on Friday. Early estimates suggest a total of 215,000 jobs were created during the month.
On the commodity markets, the November crude oil contract dropped $1.15 to US$89.58 a barrel. December copper fell two cents to US$3.02 a pound. December bullion faded $2.50 to US$1,213.00 an ounce.
At 8:35 CDT Thursday, the Canadian dollar was at US$0.8978 or US$=C$1.1138 which compares with Wednesday’s North American close of US $0.8951, or US$=C$1.1172.
The TSX was down 155.07 points Thursday morning at 8:35 CDT, to sit at 14,805.44.
