By Commodity News Service Canada
Winnipeg, August 7 – The Canadian dollar was lower on Thursday amid a strong increase in Canadian building permits, analysts say.
At midday on Thursday, the loonie was down 0.05 of a cent to US$0.9158 or US$1 = C$1.0922.
Statistics Canada reported on Thursday that Canadian building permits worth C$8 billion were issued during June, up 13.5 per cent from May. Most of the increase was in the non-residential sector.
Traders are looking ahead to the Friday release of Canadian employment data for July. Economists are generally expecting that 25,000 jobs were created during the month.
Read Also
Canadian Financial Close: Loonie drops, new record for TSX
Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Friday but still ended the week slightly higher than the last….
Overseas, the European Central Bank said that it is leaving benchmark interest rate unchanged at a record low of 0.15 per cent. The decision was widely expected, partly due to the fact that the European Central Bank has little room to cut with rates so close to zero, traders say.
Geopolitical concerns over the Russia and Ukraine issue are heating up amid fresh Russian sanctions that include a ban on food imports from the West in retaliation for sanctions over Ukraine.
The Toronto Stock Exchange was down 89.17 points to 15,112.92 at midday on Thursday.
