By Commodity News Service Canada
WINNIPEG, MB, March 7, 2018 (CNS Canada) – The Canadian
dollar was lower Wednesday morning, as the departure of a top
White House advisor fueled concerns a global trade war could
happen.
At 9:04 CST Wednesday morning the Canadian dollar was at
US$0.7739 or C$1.2910, which compares with Tuesday’s North
American close of US$0.7753 or C$1.2898.
The Bank of Canada announced Wednesday morning it will keep
its key interest rate steady at 1.25 per cent, amid soft
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Free Trade Agreement.
Oil prices fell Wednesday as financial markets slid after
Gary Cohn, United States President Donald Trump’s chief
financial advisor and free trade advocate resigned, feeding
concerns that Washington’s plans for more import tariffs could
spark a trade war. Brent crude dropped 32 cents to US$64.47 per
barrel.
The Dow Jones Industrial Average opened one per cent lower
Wednesday as the departure of Cohn fueled investors’ concerns a
global trade war could happen. The Dow Jones dropped 289.31
points, or 1.16 per cent, to 25,594.81. The S&P 500 fell 23.65
points, or 0.87 per cent, to 2,704.47. The Nasdaq Composite lost
59.74, or 0.81 per cent, to 7,312.27.
The Toronto TSX/S&P Composite Index slipped at open
Cohn’s departure. The TSX/S&P dropped 13.01 points, or 0.08 per
cent, to 15,532.18, shortly after open.
