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The Canadian dollar is seen in this file photo. (Jeff McIntosh/THE CANADIAN PRESS)
The Canadian dollar is seen in this file photo. (Jeff McIntosh/THE CANADIAN PRESS)

Loonie falls on little overnight Asian, European economic news Add to ...

The Canadian dollar was lower Thursday following little news out of Asia and Europe overnight.

The loonie dipped 0.06 of a cent (U.S.) to 96.89 cents.

The dollar has strengthened in the past week on positive economic indicators from overseas, particularly China.

Statistics Canada says its housing price index rose 0.2 per cent in July, following an identical increase the previous month. The agency says the combined metropolitan region of Toronto and Oshawa, as well as the Calgary region, were the top contributors to the increase. Prices were unchanged in 5 of the 21 metropolitan areas surveyed.

The loonie has received a lift this week against a weakening U.S. dollar ahead of next week’s Federal Reserve policy meeting. Investors are waiting to see if the U.S. central bank will announce it will begin tapering back its $85-billion in monthly asset purchases and by how much. The stimulus have been credited with holding down interest rates and lifting up the markets.

Commodities were also flat, as the October crude contract on the New York Mercantile Exchange went up $1.08 to $108.64. Gold prices fell $32.90 to $1,330.90 an ounce and December copper fell five cents to $3.21 a pound.

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