By Commodity News Service Canada
Winnipeg, December 12 – The Canadian dollar was lower Friday morning due to disappointing Chinese trade data and depressed crude oil prices.
At 8:45 CST Friday morning, the loonie was down 0.0029 of a cent to US$0.8646 or US$1 = C$1.1566. One question traders are hoping to see answered is whether US interest rates will rise sooner than expected as a result of plunging oil prices.
Chinese factory output dropped last quarter to a five-year low of 7.3 percent, below the full-year target of 7.5 percent. The Chinese government has indicated it wants to create sustainable expansion through domestic consumption.
The International Energy Agency revised its 2015 forecast. The group reduced its expectations of oil demand growth by 230,000 barrels per day, to 900,000 barrels a day.
On the commodity markets the January crude contract in New York fell $0.91 to US$59.04 a barrel. March copper was unchanged at US$2.92 a pound while the December gold contract dipped $0.20 to US$1,225.40 an ounce.
At 8:45 CST Friday morning, the TSX was up 52.17 points to 13,905.12.
