By Commodity News Service Canada
Winnipeg, September 15 – The Canadian dollar was higher against its US counterpart at midday Monday, as traders positioned themselves ahead of Wednesday’s interest rate announcement by the US Federal Reserve.
Investors will be anxiously waiting to see if the central bank indicates whether it will hike rates by the middle of next year, as speculated. Rates have been at near-zero since the financial crisis.
China’s industrial production appears to be on the decline. August numbers show production rose just 6.9 percent from a year earlier which is the slowest growth since the financial meltdown of 2008/09. It also was below the projected growth of 7.5 percent.
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The December copper contract fell US$2.00 to US$3.09 a pound. The October crude oil contract also lost six cents to hit US$92.19 a barrel. December gold jumped US$2.60 to $1,234.10 an ounce.
At 11:40 CDT Monday, the Canadian dollar was trading at US$0.9046 or US$1.0546, which compares with Friday’s North American close of US$0.9014, or US$=$1.1094.
At 11:40 CDT Monday, the Toronto Stock Exchange was down 48.41 points to sit at 15,483.17.
