By Commodity News Service Canada
Winnipeg, July 25 – The Canadian dollar was lower on Friday, as the U.S. dollar strengthened following the release of data showing a rebound in U.S. durable goods orders, analysts say.
At 9:06 CDT Friday morning, the loonie dropped 0.19 of a cent to US$0.9288 or US$1 = C$1.0742 as orders for durable goods increased by 0.7 per cent during June. These durable goods include machinery, commercial aircraft, computers and other related products. Orders had dropped off by one per cent in May.
The U.S. dollar had also picked up strength earlier in the morning after data indicated that German business confidence fell for a third consecutive month amid concerns of the economic impact of the political unrest in Ukraine and the Middle East.
The IFO Institute said its closely watched business confidence index fell to 108 points in July, down from 109.70 points in June. This was a worse showing than economists had expected.
At 9:06 CDT Friday morning, the TSX was up 2.81 points to sit at 15,397.26.
