By Commodity News Service Canada
Winnipeg, Oct 9 – The Canadian dollar eased against the US dollar at 11:47 CDT Thursday, reacting to more soft economic data out of Germany, analysts said.
German exports dropped 5.8 per cent in August compared to July, data showed, which was renewing worries about slow economic growth in the country.
At 11:47 CDT Thursday, the Canadian dollar was trading at US$0.8953, or US$1=C$1.1169, which compares with Wednesday’s North American close of US$0.9006 or US$1=C$1.1104.
Profit taking after Wednesday’s rally in the value of the Canadian dollar also contributed to the decline.
Further spillover pressure came from the declines seen in crude oil values Thursday, though a sharp rally in gold was supportive.
Positive Canadian home prices data was also friendly for the loonie. Statistics Canada said new home prices were up 0.3 per cent in August, above expectations of a 0.1 per cent increase.
Market players were looking ahead to Friday morning’s Statistics Canada employment data release.
The Toronto Stock Exchange was down 203.11 points, or 1.38%, at 11:47 CDT Thursday, to sit at 14,463.36.
