By Commodity News Service Canada
Winnipeg, August 12 – The Canadian dollar was down on Tuesday morning as the U.S. dollar gained against other currencies amid geopolitical concerns and declining German investor confidence, analysts say.
At 9:05 CDT Tuesday morning, the Canadian dollar declined 0.23 of a cent to US$0.9135 or US$1 = C$1.0935.
Markets kept a cautious tone on Tuesday as Ukraine said it would deny a Russian aid mission entry because it has not been certified by the Red Cross and could be a covert military operation.
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The International Committee of the Red Cross said it had no information on what the 280 trucks were carrying or where they were headed to. There are concerns that Russia is using this initiative of way of sending troops into separatist held territory.
Germany’s ZEW indicator of confidence dropped to a 20-month low in August. The ZEW institute’s index fell to 8.6 from 27.1, while analysts had only expected a decrease to 17.0.
Concerns over the violence in Ukraine also weighed on Germany business confidence in recent weeks. Traders were also watching the political tensions in Iraq.
Iraq’s current Prime Minister Nouri al-Maliki appeared more isolated on Tuesday as he pressed his battle to remain in power while Iraqi politicians and the international community rallied behind a Shiite premier-designate who could be a more unifying figure.
The Toronto Stock Exchange was up 51.50 points to 15,313.14 at 9:05 CDT Tuesday morning.
