By MarketsFarm
WINNIPEG, May 9 (MarketsFarm) The Canadian dollar was down slightly on Thursday morning, as global markets hold their breathe for a trade deal between the United States and China.
At 8:45 CDT Thursday morning, the Canadian dollar was at US$0.7408 or C$1.3459, which compares with Wednesday’s North American close of US$0.7426 or C$1.3466.
Negotiators begin high-stakes trade talks today in Washington, with Chinese Vice Premier Liu He in discussions with U.S. Trade Representative Robert Lighthizer. U.S. tariffs on $200 billion of Chinese exports are set to increase on Friday morning. Conversations with people familiar with the negotiations hint that finding a deal this week is unlikely, according to Bloomberg.
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Oil futures dropped globally ahead of the negotiations, falling as much as 1.3 per cent after U.S. President Donald Trump’s comments that China “broke the deal” during negotiations.
“With equity markets down, the risk-off environment is not helping oil,” said Giovanni Staunovo, a commodity analyst at UBS Group AG, to Bloomberg.
“That could change though, as the U.S. oil inventory report was positive in contrast to previous weeks.”
The TSX lost at 8:45 CDT, down 32.69 points at 16,364.74.
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