By Commodity News Service Canada
WINNIPEG, Aug.9 (CNS Canada) – The Canadian dollar slipped against its U.S. counterpart today in early trading despite stronger than expected housing data and higher oil prices. Commodity dependent currencies such as Canada’s are more susceptible to global trade concerns like those sparked by the current tensions between the United States and North Korea. The Canadian dollar was trading at US$0.7875 at 8:47 a.m. CDT, or C$1.2698 per US$1. It closed Tuesday at US$0.7891 or C$1.2672 per US$1.
The exchange of threats between U.S. President Donald Trump and North Korea’s Kim Jong Un appear to be scaring investors away from stocks and into key currencies, gold and government debt. Asia-Pacific shares outside of Japan were down, while the Swiss franc and Japanese yen rose. Gold also increased US$15.30 to US$1,277.09, a gain of 1.21%.
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Canada’s main stock index the S&P/TSX was also seeing investor caution in the wake of increased international tensions. The S&P/TSX had dropped 11.48 points at 8:47 a.m. CDT or 0.08% and was at 15,244.87.
Canadian housing starts surprised analysts in July with seasonally adjusted figures showing 222,324 starts in July. Analysts had predicted 205,000. June saw 212,948.
WTI crude was up 29 cents U.S. this morning, a gain of 0.59%, to US$49.46.
