By Commodity News Service Canada
Winnipeg, January 7 – The Canadian dollar was slightly lower against its American counterpart Wednesday morning, as investors speculated about the US government’s employment report for December.
At 8:55 CST Wednesday morning, the loonie was down 0.0003 of a cent to US$0.8444 or US$1 = C$1.1843. Oil prices stabilized for the moment lending some firmness to values. Analysts warm the glut of oil on the market is bound to cause weakness in the global economy.
The payroll firm ADP is reporting that 241,000 jobs were created by the private sector in the US last month. Analysts are predicting that 10,000 jobs were created in Canada during that same time period.
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Consumer prices are falling in the Euro Zone, leading to further expectations that the European Central Bank will inject further stimulus into the economy. Consumer prices as a whole were 0.2 percent lower than the same time last year.
On the commodity markets the February crude contract in New York lifted $0.72 to US$48.65 a barrel. March copper was unchanged at US$2.77 a pound while the February gold contract dropped 8.70 to US$1,210.70 an ounce.
At 8:55 CST Wednesday morning, the TSX was up 69.82 points to 14,316.59.
