By Commodity News Service Canada
Winnipeg, August 13 – The Canadian dollar saw minimal change on Wednesday morning as traders await a revision to the July report for Canadian employment data, scheduled to be released this Friday.
At 9:07 CDT Wednesday morning, the loonie dipped 0.01 of a cent to US$0.9155 or US$1 = C$1.0944.
Markets were surprised on Tuesday when Statistics Canada made an announcement that an error had been detected in the July employment data and that it would launch a review of the data verification process.
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Last Friday, StatsCan had reported that the Canadian economy created a meager 200 jobs last month, a huge miss from the 15,000 jobs that economists had forecast.
Traders were closing watching the geopolitical tensions between Russia and Ukraine as a convoy of more than 260 trucks, reportedly packed with supplies, arrived at the Ukraine border. Ukraine says they’ll only allow the goods to cross if they were inspected by the International Red Cross, due to worries that Russia may use the move as a cover for sending troops into separatist-held territory.
Meanwhile, metal prices were on the decline as data indicated that China’s industrial production rose nine per cent in July from a year earlier, edging down from a 9.2 per cent increase in June. Retail sales and fixed asset investment had also declined. These poor showings indicated to investors that the Chinese government will step up with a rate cut or other stimulus to keep gross domestic product from slowing, analysts say.
This Chinese data pushed September copper down two cents to US$3.13 a pound. September crude oil rose one cent to US$97.38 a barrel while December gold bullion grained $4.40 to US$1,315 an ounce.
The Toronto Stock Exchange was up 3.97 points to 15,278.20 at 9:07 CDT Wednesday morning.
