Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, July 11 (MarketsFarm) The Canadian dollar was stronger on Friday morning.

At 8:30 CDT, the Canadian dollar was at US$0.7651 or C$1.3071, which compares with Thursday’s North American close of US$0.7638 or C$1.3092.

Global stock markets remained strong all week, with the S&P 500 closing at a record high on Thursday. Reports of an unexpected rise in United States producer prices, which is a measure of inflation, did little to quell market sentiments that the U.S. Federal Reserve will be cutting interest rates in weeks to come.

Oil prices continued to hit highs on Friday as oil rigs in the Gulf of Mexico have been evacuated to prepare for Tropical Storm Barry. The storm is expected to hit the Louisiana coast on Saturday, and has reduced energy output in the Gulf of Mexico by approximately half. Brent Crude oil futures hovered around US$66 on Friday morning, up US$1.95. West Texas Intermediate prices were in the US$59 range, up US$1.72 cents.

The TSX lost slightly at 8:30 CDT, down 2.97 points at 16,524.62. The S&P 500 Index was up 6.84 points to hit 2,999.91. Similarly, the Dow Jones gained 227.88 points at 27,088.08. The NASDAQ decreased, down 6.49 to hit 8,196.04.

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