By Commodity News Service Canada
Winnipeg, August 13 – The Canadian dollar had minimal change midday on Wednesday, as traders await a revised set of Canadian employment data on Friday.
At 11:45 CDT Wednesday morning, the Canadian dollar dipped 0.03 of a cent to US$0.9153 or US$1 = C$1.0929.
Markets were surprised on Tuesday when Statistics Canada announced that an error had been detected in the Canadian employment data for July and that it would launch a review of the data verification process, traders say.
Last Friday, Statistics Canada had reported that the Canadian economy had only created 200 jobs during the month of July, which was way off the 15,000 jobs that economists had forecast.
Read Also
Canadian Financial Close: Loonie drops, new record for TSX
Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Friday but still ended the week slightly higher than the last….
The market continues to be focused on geopolitical concerns with Russia and Ukraine as convoy of more than 260 trucks, reportedly packed with supplies, arrives at the Ukraine border. Ukraine says the trucks will not be allowed into the country until they are inspected by the International Red Cross as Ukraine is fearful that Russia may be using the move as a cover to send troops into separatist-held territory.
Meanwhile, metal prices declined as data showed that China’s industrial production rose nine per cent in July in comparison with a year earlier. This was a 9.2 per cent increase from June. Retail sales and fixed asset investment also declined. The poor showing indicated to investors that the Chinese government will step up with a rate cut or other stimulus to prevent gross domestic product growth from slowing, brokers say.
The below average Chinese data pushed September copper prices down four cents to US$3.11 a pound. September crude oil contracts fell 42 cents to US$96.95 a barrel as U.S. inventories unexpectedly rose last week. December gold bullion gained $3 to US$1,313.60 an ounce.
The Toronto Stock Exchange dipped 5.58 points to 15,268.65 late Wednesday morning.
>SE
