By Commodity News Service Canada
Winnipeg, September 2 – The Canadian dollar was weaker against its US counterpart at midday Tuesday, as traders waited to head a scheduled announcement on interest rates by the Bank of Canada.
The central bank is widely expected to leave rates unchanged at one percent. Bank of Canada governor Stephen Poloz has mainly projected a dovish tone on rates, say traders.
The UN manufacturing sector was also showing strength on Tuesday, rising at its strongest pace in more than three years.
On the international front, new data shows that China’s official purchasing managers index dropped 51.1 during August, which was worse than expected.
The December copper contract rose one cent to US$3.17 a pound. The October crude oil contract fell US$2.04 to US$93.91 a barrel. December gold dropped $21.90 to $1,265.50 an ounce.
At 11:50 CDT Tuesday, the Canadian dollar was trading at US$0.9154 or US$1.0924, which compares with Friday’s North American close of US$0.9197, or US$=$1.0873.
At 11:50 CDT Tuesday, the Toronto Stock Exchange was down 31.37 points to sit at 15,594.36.
