By Commodity News Service Canada
Winnipeg, December 29 – The Canadian dollar was little changed Monday morning despite slightly higher crude oil prices.
At 8:35 CST Friday morning, the loonie was down 0.0001 of a cent to US$0.8599 or US$1 = C$1.1629.
The fluctuating ruble was the subject of close attention Monday morning, as Russia’s official currency fell five percent after a brief rally last week. Slumping oil revenue and general unease regarding the country’s economic future have cast a bearish tone over foreign investment.
China is reporting that changes are coming to its domestic bank deposits in a bid to free up more lending. Regulators will apparently be changing accounting rules in the near future. The move comes in the wake of data that shows profits for China’s largest industrial companies fell 4.2 percent in November from a year earlier.
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Traders will also be watching for reports on US consumer confidence, housing prices, manufacturing and vehicle sales. Those are due to be released throughout the week.
On the commodity markets the February crude contract in New York rose $0.62 to US$55.35 a barrel. March copper was little changed at US$2.89 a pound while the February gold contract fell 2.80 to US$1,192.50 an ounce.
At 8:35 CST Monday morning, the TSX was up 13.28 points to 14,609.25.
