Canadian Dollar and Business: Loonie gears down prior to federal budget
Inflation creeps up to 2.9 per cent
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was lower Tuesday morning, ahead of today’s federal budget to be presented by Finance Minister Chrystia Freeland in the House of Commons at 3 pm CDT.
As of 8:36 am CDT, the loonie was at US$0.7231 or US$1=C$1.3823 compared to Monday’s close of US$0.7265 or C$1.3764. On the United States Dollar Index, the greenback tacked on 0.067 of a point at 106.065.
Benchmark crude oil prices were a pinch lower on Tuesday morning, as the market were now somewhat less concerned with Middle East geopolitics.
Brent crude oil pulled back 25 cents at US$89.85 per barrel and West Texas Intermediate gave up 23 cents at US$85.18.
Statistics Canada reported this morning that the country’s consumer price index nudged up to 2.9 per cent in March from 2.8 per cent in February, due largely to a 4.5 per cent increase in gasoline prices.
Shortly after Tuesday’s open the TSX/S&P Composite Index lost 120.04 82.59 points at 21,620.16.
Gold added US$7.80 at US$2,390.80 per ounce.
