WINNIPEG, May 14 (MarketsFarm) The Canadian dollar was down slightly on Tuesday morning, amid stabilizing stock indexes and rallying crude oil.
At 8:45 CDT Tuesday morning, the Canadian dollar was at US$0.7416 or C$1.3404, which compares with Monday’s North American close of US$0.7431 or C$1.3457.
World stocks hit two-month lows as the trade war between the United States and China heated up. However, indexes stabilized after positive comments from both sides. According to Reuters, China’s top diplomat said China and the U.S. have the “ability and wisdom” to reach a trade deal that is good for both countries, and U.S. President Donald Trump said he was optimistic about resolving the trade dispute.
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Saudi Arabia briefly halted its cross-country oil pipeline following a recent drone attack, for which a group of Iranian rebels have claimed responsibility.
“These attacks prove again that it is important for us to face terrorist entities, including the Houthi militias in Yemen that are backed by Iran,” Saudi Energy Minister Khalid Al-Falih said in a statement to Bloomberg.
West Texas International gained 49 cents to hit US$61.53 per barrel, and Brent Crude gained 66 cents to hit US$70.89.
The TSX gained at 8:45 CDT, up 30.26 points at 16,227.95. The S&P 500 Index gained by 12.85 points to hit 2,824.72. Similarly, the Dow Jones gained 92.50 to 25,415.63. The NASDAQ also gained 43.71 to hit 7,690.31.
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