By Commodity News Service Canada
Winnipeg, Feb. 9 – The Canadian dollar eased relative to the US dollar at midday Monday, reacting to concerns about slow economic growth in China, analysts said.
Chinese imports fell 19.7 per cent last month, compared to a year ago. Exports were down 3.2 per cent year-on-year, following a 9.7 per cent rise in December, data showed.
At 11:49 CST Monday, the Canadian dollar was trading at US$0.7972 or US$1=C$1.2544, which compares with Friday’s North American close of US$0.7985 or US$1=C$1.2524.
Ongoing worries about economic turmoil in Europe, Greece especially with its new government, added to the bearish tone.
However, strength in crude oil values on Monday was supportive, as was positive Canadian housing starts data. Canada Mortgage and Housing Corp. said housing starts were at 187,276 units in January, up from 179,637 units in December.
The Toronto Stock Exchange was up 63.54 points, or 0.42%, at 11:49 CST Monday, to sit at 15,147.46.
