By Commodity News Service Canada
Winnipeg, February 11 – The Canadian dollar was lower against its American counterpart Wednesday morning, as doubts swirled over Greece’s economic future.
At 8:45 CST Wednesday morning, the loonie was down 0.0029 of a cent to US$0.7916 or US$1 = C$1.2632. Eurozone finance ministers are meeting this week with Greece’s new anti-austerity government. Greece has openly stated it wants to renegotiate the terms of its international loans while the creditors are insisting the terms be followed.
New data shows US inventories of crude oil are at their highest levels in eight decades. Oil prices sit at six-year lows and analysts are trying to determine where the bottom may be.
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Speculation continues to mount that the Bank of Canada will slash the interest rate as early as March to limit the effects of the recent oil plunge. Falling commodity prices are further pressuring the currency’s direction.
On the commodity markets the March crude contract in New York faded 38 cents to US$49.64 a barrel. March copper rose one cent to US$2.56 a pound while the April gold contract gained $4.00 to US$1,236.30 an ounce.
At 8:45 CST Wednesday morning, the TSX was up 11.82 points to 15,112.52.
