By Commodity News Service Canada.
Winnipeg, July 8 – The Canadian dollar was slightly lower
against its US counterpart at midday Wednesday, as world-wide economic turmoil created choppy conditions for trade.
The Canadian dollar was at US$0.7844 or US$1 = C$1.2748 at 11:50 CDT Wednesday morning. While the situations in Greece and China remain at the forefront of investor’s interest, most of the attention has shifted to the release of the Federal Open Market Committee minutes later today.
There is speculation the Bank of Canada may move to cut interest rates as early as next week. The speculation was further heightened by Canada’s trade deficit, which widened to its second-largest position ever in May.
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The Eurozone has given Greece until the end of the week to come up with new conditions for economic-restructuring so they can receive a bailout loan to keep their economy afloat.
On the commodity markets the August crude contract in New York decreased US$1.28 to US$51.05 a barrel. The August gold contract rose US$8.00 to US$1,160.50 an ounce.
At 11:50 CDT Wednesday morning, the Toronto Stock Exchange was down 203.75 points to 14,420.90.
