Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, July 13 – The Canadian dollar weakened against its
US counterpart Monday morning as Statistics Canada released a report
on lending service prices, and after Greece and Eurozone leaders came
to a tentative agreement.

At 9:00 a.m. CDT the Canadian dollar was at US$0.7831 or C$1.2769
which compares with Friday’s North American close of US$0.7887, or
C$1.2679.

After many discussions and a referendum, the Eurozone and Greece
have come to an agreement on a bailout package which will keep the

However, Greece has until Wednesday to agree to economic reforms
like pension cuts and increased taxes-and the European Central Bank
has yet to restart money flow to Greece’s banks.

In Canadian economic data, the new lending services price index
rose 9.1 per cent in the first quarter, following a 1.6 per cent
increase in the previous quarter, Statistics Canada said in a report
on Monday.

The index measures monthly price changes in lending services,
and was up 8.9 per cent in the first quarter compared with the same
quarter in the previous year, according to StatsCan.

The TSX was stronger in early activity, up 46.80 points at 9:00
a.m. CDT to sit at 14,457.87.

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