By Commodity News Service Canada
Winnipeg, February 10 – The Canadian dollar was lower against its American counterpart Tuesday morning, as falling oil prices and weak Chinese data cast a chill over the market.
At 8:45 CST Monday morning, the loonie was down 0.0031 of a cent to US$0.7987 or US$1 = C$1.2520. Oil prices seem to have found some support around the US$50 a barrel level since they began their plunge in November. Prices are expected to rebound shortly but won’t reach last year’s highs anytime soon.
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Chinese data shows inflation in the country fell below one percent in January while consumer prices rose 0.8 percent.
Worries about Greece’s new government persist across much of Europe. The country wants partial debt forgiveness while its creditors insist it must honour its pre-existing agreements. The European Union’s executive says it’s unlikely that a final agreement will be reached this week.
On the commodity markets the March crude contract in New York faded 45 cents to US$50.03 a barrel. March copper fell three cents to US$2.55 a pound while the April gold contract dipped $3.20 to US$1,238.30 an ounce.
At 8:45 CST Monday morning, the TSX was up 42.44 points to 15,143.14.
