Canadaâ€™s dollar fell to its lowest level in almost a month against its U.S. counterpart as a slump in Chinese non-manufacturing industrial growth offset a private report showing U.S. employers hired more workers than forecast.
The currency weakened for a second day before data Oct. 5 that economists project will show Canadian employers added fewer workers last month. Crude oil, the nationâ€™s largest export, fell below $90 a barrel and euro-area services and manufacturing output contracted in September, damping demand for riskier assets.
â€œThe story for the Canadian dollar has been one of weakness that has stretched to all commodity currencies as China has slowed and oil and other commodities drop,â€ said Greg Moore, currency strategist at Toronto-Dominion Bank, said in a phone interview. â€œThe theme into the end of the year should continue to be one of slower global growth and that should keep pressure on risk currencies.â€
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