Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Dec. 2 (MarketsFarm) The Canadian dollar was steady to slightly weaker on Monday morning, as stock indexes started the week on a low note.

At 9:00 CST, the Canadian dollar was at US$0.7518 or C$1.3266, which compares with Friday’s North American close of US$0.7525 or C$1.3289.

Stocks were lower following a tweet from United States President Donald Trump that threatened to restore tariffs on steel and aluminum from Brazil and Argentina. President Trump also criticized the U.S. Federal Reserve, calling for lower interest rates and looser monetary policy.

Oil prices were stronger ahead of a meeting between the Organization of Petroleum Exporting Countries (OPEC) and their allies. Production rates for 2020 will be discussed at this week’s meeting in Vienna. Brent Crude was up by $1.13 at US$61.62 per barrel, and West Texas Intermediate (WTI) was up by $1.19 at US$56.36 per barrel.

The TSX was slightly lower at 9:05 CST, down by 36.19 points at 17,001.06. The S&P 500 Index was down 17.24 points to hit 3,118.23. The Dow Jones lost 129.29 points at 27,920.64. The NASDAQ decreased, down 91.40 to hit 8,573.63.

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