By Commodity News Service Canada
Winnipeg, October 9 – The Canadian dollar was lower Thursday morning, on indications the US Federal Reserve still isn’t in a hurry to hike interest rates.
According to the minutes of the central bank’s latest meeting, the reserve won’t raise rates until the US economy is ready for it. The central bank is also apparently concerned about how a stronger American greenback could affect economic growth.
New data from Germany is also worrying investors. August exports dropped 5.8 percent over July while imports fell 1.3 percent.
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New data is also expected to be released this week examining Canadian building permits for August and housing starts for September. Drops have also been reported in factory orders.
On the commodity markets, the November crude oil contract fell $0.30 to US$87.01 a barrel. December copper gained three cents to US$3.04 a pound. December bullion jumped $26.50 to US$1,232.50 an ounce.
At 8:40 CDT Thursday, the Canadian dollar was at US$0.9000 or US$=C$1.11111 which compares with Wednesday’s North American close of US $0.9006, or US$=C$1.1104.
The TSX was up 90.02 points Thursday morning at 8:40 CDT, to sit at 14,666.47.
