By Commodity News Service Canada
Winnipeg, July 10 The Canadian dollar was lower on Thursday, as oil prices also dropped with easing geopolitical tensions, analysts say.
At 9:06 CDT Thursday morning, the Canadian dollar was at US$0.9371 or US$1 = C$1.0650, dipping from Wednesday’s close of US$0.9381 or US$1 = C$1.0660.
Oil prices have been falling steadily for over a week now as fears over Iraq’s oil supply have subsided at the moment and Libyan oil is returning to the global market.
China had reported that its exports in June had grown 7.2 per cent from a year earlier, up slightly from May’s seven per cent increase.
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The new housing price index in Canada rose 0.1 per cent in May, according to Statistics Canada. This followed five months of gains and was largely due to higher new home prices in the Prairies. Homes around the Calgary area recorded the largest monthly price advance among the municipalities covered in the survey, with prices rising 0.8 per cent.
However the key economic data will come from the Canadian jobs report, scheduled to come out this Friday, July 11. Traders expect StatsCan to report that approximately 24,000 jobs were created last month compared with 25,800 in May. The jobless rate is expected to remain unchanged at seven per cent.
On the commodity markets, August crude oil was down 22 cents to US$102.07 a barrel while August gold bullion was up at US$1,341.90 an ounce. September copper remained unchanged at US$3.24 a pound.
The TSX was down 101.05 points to sit at 15,114.14 at 9:06 CDT Thursday morning.
