By Commodity News Service Canada
Aug. 16 (CNS Canada) – Risk adverse
investors have been driving gains in the
American dollar, and that makes for an
unstable loonie.
But some of that aversion is starting
to ease with positive news of possible
trade talks between the United States and
China and good news in Canada’s June report
of manufacturing.
The Canadian/US exchange rate was at
0.7604, down 0.05 per cent at 8:41 a.m.
CDT, or C$1.3151. Yesterday’s close was
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Canadian manufacturing rose to C$58.1
billion in June, an increase of 1.1 per
cent, Statistics Canada reported today.
That follows an increase of 1.5 per cent
for May. Higher sales of petroleum and coal
products, which were up 15.9 per cent, were
cited as the reason for June increase,
while sales declined in food manufacturing
and chemicals. Chemical sales fell 4.5 per
cent in June, although they are still
higher than they were in June of 2017.
The S&P/TSX was trading 0.67 per cent
higher at 8:45 a.m. CDT, sitting at
16,256.38, a gain of 109.97 points. Over
the last five days, the TSX has lost 1.02
per cent.
In U.S. early trading this morning, the
Dow Jones was up 1.28 per cent at
25,484.01, the S&P 500 had gained 0.66 per
cent to 2,837.58, and the Nasdaq gained
0.59 per cent to 7,819.89.
