By Commodity News Service Canada
Winnipeg, November 24 – The Canadian dollar was lower on Monday as investors waited to see the latest economic growth figures.
At 8:50 CST Monday morning, the loonie was down 0.0012 of a cent to US$0.9227 or US$1 = C$1.1255. Figures are due to be released this week regarding Canada’s gross domestic product and the third quarter. Information about the US economy is also expected.
The American data is the second revision to third quarter GDP and is widely expected to show growth contracted slightly from a 3.5 percent annualized reading to 3.3 percent. Weakness in China and Europe are expected to play a factor in that report.
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The US dollar on the other hand, is expected to benefit from rumored hikes to the US interest rate, which could happen by the spring or summer.
Some bright news on the international front includes Germany’s business confidence. A reading by the IFO institute showed the confidence index rose to 104.7 points in November from 103.2 points the month before.
On the commodity markets the January crude contract in New York dropped $0.19 to US$76.32 a barrel. December copper leaped one cent to US$3.04 a pound while the December gold contract faded $2.30 to US$1,195.40 an ounce.
At 8:50 CST Monday morning, the TSX was down 22.43 points to 15,089.03.
