By Commodity News Service Canada
Sept. 27 (CNS Canada) — The Canadian dollar continues to slide compared to a strong U.S. dollar, bolstered by solid economic news out of the U.S.
Scotiabank analysts say people should be prepared to see further losses in the loonie’s value, due to uncertainty over NAFTA negotiations and a broad sell-off in dollars dependent on commodity values. The Canadian dollar has been one of the worst performing of G10 country currencies during the past week.
The Canadian dollar was at US$0.7655, or C$1.3063 per U.S. dollar at 8:40 a.m. CDT. It closed Sept. 26 at US$0.7707, or C$1.2975.
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Global Markets: BoC cuts key rates
By Glen Hallick Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada…
The U.S. Federal Reserve raised its benchmark overnight lending rate to a target range of two to 2.25 per cent yesterday, reflecting confidence in the overall economy, despite concerns over escalating trade wars. Analysts expect another increase in December, unless the U.S. economy experiences a downturn.
The United States economy posted strong growth in the second quarter with gross domestic product (GDP) increasing at an annual rate of 4.2 per cent. GDP, considered to be a main indicator of a nation’s economy, rose 2.2 per cent in the first quarter of 2018. For the second quarter, corporate growth moderated, consumer spending was steady and business investment and global trade were higher than expected.
The S&P/TSX composite index was up 54.64 points, or 0.34 per cent to 16,223.92 at 8:48 a.m. CDT.
West Texas Intermediate (WTI) crude oil was at US$72.18 per barrel, up 61 US cents.
