By Commodity News Service Canada
WINNIPEG, Sept. 23 The Canadian dollar was firmer relative to the US currency Tuesday morning, recovering from Monday’s sharp drop, analysts said.
At 8:52 CDT Tuesday the Canadian dollar was at US$0.9075 or US$=C$1.1019, which compares with Monday’s North American close of US$0.9065 or US$=C$1.1031.
Positive manufacturing data out of China was supportive for the loonie. HSBC’s purchasing manager index increased to 50.5 this month, from 50.2 in August.
Spillover from the gains in commodities, including crude oil and gold, also underpinned the Canadian currency, traders said.
However, disappointing economic data out of Europe limited the upside. Markit’s purchasing managers’ index for the euro zone dropped to 52.3 in September, from 52.5 in August.
The TSX was down 23.92 points, or 0.16%, at 8:52 CDT Tuesday morning to sit at 15,105.08.
