By Commodity News Service Canada
Winnipeg, October 16 – The Canadian dollar was lower against its US counterpart Thursday morning, as commodity-based currencies around the world continued to drop in favour of the US dollar.
The faltering global economy has caused a great deal of uncertainty in markets around the world, said a trader. The Ebola outbreak, along with fighting in Iraq has helped create disinflationary pressures that are causing a slack in the global economic outlook, according to a report.
Falling metal prices and declining crude oil values are also at play, participants said.
New data also showed a steep decline in Canadian manufacturing shipments during August.
On the commodity markets, the November crude oil contract fell $0.54 to US$81.30 a barrel. December copper fell three cents to US$3.06 a pound. December bullion dipped $4.10 to US$1,230.20 an ounce.
At 8:45 CDT Thursday, the Canadian dollar was at US$0.8835 or US$=C$1.1319 which compares with Wednesday’s North American close of US $0.8883, or US$=C$1.1258.
The TSX was down 94.12 points Thursday morning at 8:45 CDT, to sit at 13,775.76.
