Canadian Dollar and Business Outlook: China’s tariff hike means tough day on markets

By MarketsFarm

WINNIPEG, August 23 (MarketsFarm) – The Canadian dollar was weaker Friday morning, as crude oil prices were down and the stock markets were lower today.

As of 8:56 CDT, the Canadian dollar was at US$0.7509 or C$1.3318. That compares to Thursday’s North American close of US$0.7523 or C$1.3293.

Crude oil prices were lower Friday morning on news that China will impose tariffs on US$70 billion of United States imports by five to 10 per cent over two stages, September 1 and December 15.

West Texas Intermediate crude oil was down US$1.36 at US$53.99 per barrel and Brent crude was down 71 cents at US$59.21. Western Canadian Select crude dropped US$1.10 at US$41.13 per barrel.

At the start of trading on Friday, the TSX/S&P Composite Index was down 38.35 points at 16,215.11. The Dow Jones fell 115.50 at 26,136.74 points, the NASDAQ slipped 46.81 at 7,944.58 and the S&P 500 was down 14.68 at 2,908.27 points.

Gold was up US$8.00 at US$1,516.50 per ounce.

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