By Commodity News Service Canada
Winnipeg, August 7 – The Canadian dollar was lower on Thursday amid a strong increase in building permits, analysts say.
At 8:50 CDT Thursday morning, the loonie was down 0.13 of a cent to US$0.9150 or US$1 = C$1.0926 after charging ahead almost four-tenth of a cent on Wednesday in the wake of a much better than expected trade surplus in June.
Statistics Canada reported on Thursday that Canadian building permits worth C$8 billion were issued during June, up 13.5 per cent from May. Most of the increase was in the non-residential sector.
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Traders are now looking ahead to Canadian employment data for July, scheduled to be released on Friday. Economists are generally expecting that 25,000 jobs were created during the month of July.
Overseas, the European Central Bank said that it is leaving benchmark interest rate unchanged at a record low of 0.15 per cent. This decision was widely expected, in part because the European Central Bank has little room to cut with rates so close to zero.
There are still ongoing tensions between Russia and Ukraine. Traders worry about Russia getting more involved in the Ukraine government’s fight against pro-Russian rebels.
At 8:50 CDT Thursday morning, the TSX was up 30.09 points to 15,232.18.
