By Commodity News Service Canada
WINNIPEG, Aug. 1 (CNS Canada) – The Canadian dollar is holding
onto recent gains ahead of the United States Federal Reserve interest
rate decision expected later today. The Fed was expected to keep U.S.
interest rates unchanged. Global trade tensions, including fears
that the U.S. might increase tariffs on Chinese imports and Canada’s
own trade issues, also kept a tight rein on the loonie.
The Canadian to U.S. dollar exchange rate was 0.7686, or
C$1.3011 at 8:45 a.m. CT this morning. It closed yesterday at 0.7682
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China issued a warning to the United States against
“blackmailing and pressuring” it over trade, as the administration
of U.S. President Donald Trump considered higher tariffs. The U.S.
is pondering doubling of tariffs on US$200 billion in Chinese
imports.
Mexican officials are expressing optimism about the possibility
of getting a new deal on the North American Free Trade Agreement,
Mexico’s deputy economic minister Juan Carlos Baker said after
meeting with U.S. officials yesterday. The talks, which are being
held without Canada, are slated to proceed all this week.
Trade tensions and falling energy stocks knocked back the
S&P/TSX on early trading today. The TSX was down 0.53 per cent at
8:50 a.m. CDT, or 86.90 points to 16,347.11.
In the U.S., the S&P 500 gained 0.1 per cent to hit 2,810.00.
The Dow Jones climbed 0.02 per cent to 25,419.25 and Nasdaq Composite
gained 0.39 per cent to 7,701.63.
West Texas Intermediate crude lost 1.44 per cent to US$67.77.
