Canadian Dollar and Business Outlook: Loonie down, crude oil rises

Glacier FarmMedia – The Canadian dollar was in a downturn on Thursday morning.

The loonie was at US$0.7244 or US$1=C$1.3805 as of 8:38 a.m. CDT, compared to Wednesday’s close at US$0.7264 or US$1=C$1.3767.

The United States Dollar Index was up 0.28 of a point at 98.12. The U.S. Labor Department reported today that the Producer Price Index rose 0.9 of a percentage point in July, raising the annual rate to 3.3 per cent, surpassing economists’ expectations.

Crude oil prices were higher on Thursday as the potential for September interest rate cuts supported the market. Brent crude oil was up US$0.88 per barrel at US$66.51/barrel. West Texas Intermediate jumped US$0.91 at US$63.56/barrel.

The TSX/S&P Composite Index dropped 73.49 points at 27,919.94.

Gold shed US$12.00 per ounce at $3,396.30.