TORonTO The Canadian dollar was up slightly Monday morning while commodities failed to benefit from strong manufacturing data out of China and Europe.
The loonie gained 0.03 of a cent to 97.13 cents US.
Traders took in data showing that Chinas manufacturing rose to a six-month high in September, in the latest sign that the worlds second biggest economy is gradually recovering from a prolonged slowdown.
The preliminary version of HSBCs purchasing managers index climbed to 51.2 from 50.1 in August on a 100-point scale. Numbers above 50 indicate an expansion in activity.
Another survey suggested that the economic recovery across the 17 European unio countries that use the euro is picking up and that unemployment may be peaking. The composite purchasing managers index, a gauge of business activity across the manufacturing and services sectors published by financial information company Markit, rose for the sixth month running to a 27-month high of 52.1 points in September from 51.5 in August.
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November crude on the New York Mercantile Exchange dropped 11 cents to US$104.64 a barrel. Prices fell almost four per cent last week amid deal-making aimed at eliminating Syrias chemical weapons.
December copper lost three cents to US$3.29 a pound while December bullion declined $7.60 to US$1,324.90 an ounce.
Analysts believe the greenback is in for some weakness as investors turn their focus to the U.S., wher the possibility of a government shutdown looms amid negotiations to raise the debt ceiling.
Fed chairman Ben Bernanke said last week that concerns over the latest fiscal showdown was a factor in the central banks decision to maintain the asset purchase program. Analysts had expected the Fed would trim purchases by about $10 billion a month from its current level of $85 billion.
