By Commodity News Service Canada
WINNIPEG, Oct. 23 – The Canadian dollar was slightly firmer relative to the US dollar on Thursday, lifted by positive economic data from China and Europe, analysts said.
Markit’s composite purchasing managers’ index for the euro zone rose to 52.2 points in October, from 52.0 in September. HSBC’s preliminary Chinese factory purchasing managers’ index rose to 50.4 in October, from 50.2 in September. Anything above 50 indicates expansion.
The Canadian dollar closed at US$0.8902 or US$1=C$1.1233 on Thursday, which compares with Wednesday’s North American settlement of US$0.8894 or US$1=C$1.1243.
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Rising crude oil values, after news that exports of oil out of Saudi Arabia dropped last month, also helped to underpin the Canadian currency.
However, gold values were sharply lower, which tempered the advances. Traders were also wary of pushing the Canadian dollar too much higher as they wait for fresh North American economic indicators next week.
Canadian bonds were lower on Thursday, as concerns about slow economic growth eased and investors were putting more money into “riskier” assets, participants said.
The two-year bond yielded 1.005% late Thursday, from 0.985% late Wednesday. The 10-year bond yielded 1.999%, from 1.964%. Bond yields fall as their prices rise.
