By Commodity News Service Canada
Winnipeg, June 23 The Canadian dollar was higher on Monday due to mixed economic news from Asia and Europe, analysts say.
At 9:23 CDT Monday morning, the Canadian dollar rose to a five month high of US$0.9315 or US$ = C$1.0766, up from Friday’s close of US$0.9300 or $US = C$1.0752.
The Canadian currency rose sharply on Friday due to higher than expected inflation data brought that up questions about whether the Bank of Canada will move interest rates higher sooner than thought, analysts say.
Data released on Sunday indicated that the Chinese manufacturing sector is beginning to expand. However, other data showed that business activity in the Eurozone slowed for the second month in a row in June.
Oil prices declined slightly after steadily rising for the past two weeks due to the conflict in Iraq. The August crude oil contract was at US$106.73.
Positive Chinese data pushed July copper up two cent to US$3.14 a pound. August gold bullion was down to US$1,315.40.
The TSX was up 6.67 points to sit at 15,115.64 at 9:23 CDT Monday morning.
