An American dollar bill and Canadian coins, are seen on Nov. 8 2007 in Quebec City. THE CANADIAN PRESS/Jacques Boissinot
TORONTO - The Canadian dollar was lower near midday after housing data from both sides of the border gave a somewhat different picture of the two markets.
The loonie was down 0.15 of a cent to 102.46 cents US.
In Canada, the Teranet–National Bank National Composite House Price Index showing that prices rose a meagre 0.2 per cent in August from the month prior. That marks the weakest month-over-month increase in 12 years.
The somewhat discouraging data ran against a report from the U.S. Commerce Department that said builders started construction on more homes in August, driven by the fastest pace of single-family home construction in more than two years.
"August starts and permit numbers were so-so, but the broader trends suggest that the U.S. housing recovery is solidifying," said said BMO Capital Markets senior economist Robert Kavcic in a note.
Oil prices backed off with October crude on the New York Mercantile Exchange down $2.75 to US$92.54 a barrel.
December bullion increased $1.60 to US$1,772.80 an ounce while December copper was up less than one cent to US$3.80 a pound.
Earlier, the Bank of Japan said it was increasing its asset purchasing fund to 55 trillion yen (US$700 billion) from 45 trillion yen to counter the strength of the Japanese currency. A strong yen makes it more difficult for Japanese companies to compete in international markets.
The Bank of Japan's move comes days after the U.S. Federal Reserve revealed it will purchase an average of $40 billion a month in mortgage-backed securities until the economy shows significant improvement.
© The Canadian Press, 2012
19 Sep, 2012
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Source: http://www.globalnews.ca/Money/loonie+weakens+with+mixed+commodities+us+canadian+housing+data/6442718083/story.html
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