By Commodity News Service Canada
Winnipeg, July 24 – The Canadian dollar was slightly higher Thursday morning amid rising metal prices and strong manufacturing reports, analysts say.
At 9:01 CDT Thursday morning, the loonie was up 0.02 of a cent to US$0.9323 or US$1 = C$1.0741 amid an inadequate supply of domestic economic data, traders say.
The preliminary HSBC purchasing managers’ index rose to 52.0 in July from 50.70 in June, indicating an expansion, brokers say.
In July, Chinese manufacturing data rose to its highest level in 18 months.
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Markit, a financial information company in Europe, said Thursday that its purchasing managers’ index rose to a three-month high of 54 points in July, up from 52.80 in June. The majority of this increase was due to growing economic strength in Germany, Europe’s largest economy. However, the company also found businesses in the ‘periphery’ countries outside of Germany and France expanding at their fastest pace since 2007.
On the commodity markets, Chinese manufacturing data sent September copper up five cents to US$3.26 a pound. Meanwhile September crude oil dipped to US$102.89 a barrel and August gold bullion was down to US$1,298.90 an ounce.
The TSX was up by 1.47 points to sit at 15,395.85 at 9:01 CDT Thursday morning.
