By MarketsFarm
WINNIPEG, Oct. 31 (MarketsFarm) – The Canadian dollar slipped back on Tuesday morning, due to a stronger United States dollar and following the release of gross domestic product data.
As of 8:35 am CDT, the loonie was at US$0.7210 or C$1.3875, compared to Monday’s close of US$0.7229 or US$1=C$1.3833. On the U.S. Dollar Index, the greenback was up 0.336 of a point at 106.270.
Statistics Canada reported on Tuesday that the country’s real GDP was essentially unchanged for a second consecutive month in August. Preliminary data for September pointed to another month of zero per cent growth.
Benchmark crude oil prices were modestly higher on Tuesday morning, as inflation in the European Union fell 1.4 points to 2.9 per cent in September. However, China’s sluggish economy limited further gains.
Brent crude oil bumped up 61 cents at US$88.06 per barrel, and West Texas Intermediate added 58 cents at US$82.89, but Western Canadian Select dropped US$11.46 at US$56.44.
Shortly after Tuesday’s open the TSX/S&P Composite Index tacked on 37.94 points at 18,894.70.
Gold was up US$1.30 at US$2,006.90 per ounce.
