By Commodity News Service Canada
Sept. 5 (CNS Canada) – The Canadian dollar was trading higher this morning at US$0.8081 or C$1.2374 per US$1, continuing its surge past two-year highs posted Friday. The loonie closed Friday at US$0.8071 U.S. or C$1.331 per US$1.
Analysts are divided on whether the Bank of Canada will raise its benchmark interest rate tomorrow. It was not expected to do so until recent numbers showed Canada’s economy expanded at an adjusted annual rate of 4.5 per cent in the second quarter.
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U.S.-based airline maker Boeing said it will continue its trade complaint against what it sees as unfair subsidies being paid to Bombardier and risk rankling Ottawa. As well, the United States Department of Commerce is also investigating allegations that Bombardier sales to the U.S. made at below-market prices constitute dumping.
Global markets are mixed on the tensions in the Korean peninsula, with Asian indexes little changed following the three-day weekend. China is expected to agree to tougher sanctions on North Korea including crude oil exports. However, China rejected complete stoppage of oil shipments to North Korea. China’s announcement following North Korea’s latest nuclear test and claims it had detonated a hydrogen bomb.
Gasoline prices are climbing in most areas throughout Canada and the United States, thanks to refinery closures in Texas caused by Hurricane Harvey and continued flooding the storm left in its wake. WTI crude was also up this morning by US$1.31 (2.77%) to US$48.60.
The S&P/TSX moved lower on early trading with information technology and industrials posting the biggest losses. The index was down 91.72 points at 9 a.m. CDT (0.60%) to 15,099.88.
