By Commodity News Service Canada
Winnipeg, October 7 – The Canadian dollar was lower Tuesday morning, as weak economic data from Europe and Asia sent the US dollar higher.
Concerns are mounting over Germany’s economic outlook, as new numbers showed a 4 percent drop in industrial output during August. The World Bank also said countries in east Asia will see slightly slower economic growth this year. Chinese growth is expected to slow to 7.4 percent this year and 7.2 percent in 2015.
US home prices grew in August. According to CoreLogic, prices rose 6.4 percent in August compared to the same time last year.
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Statistics Canada also released some housing numbers. The agency reported the total value of building permits issued by Canadian municipalities fell 27.3 percent to C$6.7 billion in August. StatsCan is scheduled to release data on housing starts in September on Wednesday.
On the commodity markets, the November crude oil contract dipped $0.26 to US$90.08 a barrel. December copper fell a cent at US$3.03 a pound. December bullion faded $1.50 to US$1,207.20 an ounce.
At 8:50 CDT Tuesday, the Canadian dollar was at US$0.8960 or US$=C$1.1160 which compares with Monday’s North American close of US $0.8984, or US$=C$1.1131.
The TSX was down 47.65 points Tuesday morning at 8:50 CDT, to sit at 14,695.47.
