European economic uncertainty hits commodity prices

Weakening prices also drive down the Canadian dollar

June 18, 2012

TORONTO: The Canadian dollar moved lower Monday as commodity prices weakened and expectations for economic data due later this week remained soft. The loonie was down 0.37 of a cent at 97.46 cents US. Data on wholesale and retail sales is due out Tuesday and Thursday, respectively, and economists expect both to show that growth is slowing.

In Europe, ongoing concern about the direction of the economy was weighing on commodities. The July crude contract on the New York Mercantile Exchange was down $1.13 at US$82.90 a barrel. Gold bullion dropped $4.60 to US$1,623.50 an ounce while July copper edged up one cent to US$3.40 a pound.