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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, July 11 (MarketsFarm) The Canadian dollar was stronger on Thursday morning.

At 8:30 CDT, the Canadian dollar was at US$0.7658 or C$1.3058, which compares with Wednesday’s North American close of US$0.7638 or C$1.3092.

Stock markets reacted positively after investors digested United States Federal Reserve Chair Jerome Powell’s testimony to Congress on Wednesday. Powell’s comments indicated that interest rates will be cut by at least a quarter of a point by the end of July.

The U.S. core consumer price index, a key measure of consumer prices for commodities not including food and energy, rose more than forecast in June. The report showed broad gains in core categories, including vehicles, clothing, shelter, and furniture, rising 0.3 per cent from the previous month.

Oil prices hit a six-week high on Thursday morning. Oil rigs in the Gulf of Mexico have been evacuated to prepare for a tropical storm. Additionally, three Iranian vessels attempted to block the passage of a British oil tanker operated by BP in the Strait of Hormuz. Brent Crude oil futures hovered around US$66 on Thursday morning, up US$1.95. West Texas Intermediate prices were in the US$59 range, up US$1.72 cents.

The TSX lost slightly at 8:30 CDT, down 8.12 points at 16,553.96. The S&P 500 Index was up 5.76 points to hit 2,998.40. Similarly, the Dow Jones gained 70.40 points at 26,936.24. The NASDAQ also increased, up 8.46 to hit 8,210.71.

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