By Commodity News Service Canada
Winnipeg, September 11 – The Canadian dollar was lower Thursday morning, as China’s consumer inflation index turned in lukewarm results.
Prices rose two percent over last year at the same time, indicating economic growth in the Asian country was slowing down. The increase was below July’s 2.3 percent rise and short of the government’s goal of 3.5 percent. Analysts are now asking whether the Chinese government may step in to try and revive economic growth.
The International Energy Agency says it expects demand for crude oil to grow by 0.9 million barrels a day in 2014, which is below previous expectations. The regulatory agency blames the shortfall on sluggish economies in Europe and Asia.
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On the commodity markets, the October crude oil contract dropped US$1.09 to US$90.58 a barrel. December copper dropped three cents to US$3.08 a pound, which was bearish. December bullion dipped $1.70 to US$1,243.60 an ounce.
At 8:45 CDT Thursday, the Canadian dollar was at US$0.9090 or US$=C$1.0001 which compares with Wednesday’s North American close of US $0.9145, or US$=C$1.0935.
The TSX was down 24.94 points Thursday morning at 8:45 CDT, to sit at 15,446.95.
