Canadian Dollar and Business Outlook: Loonie nudges above 72 cents
China ups its tariffs on U.S. to 125 per cent
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar surged ahead on Friday morning as the United States Dollar Index fell below the 100-point mark.
As of 8:37 am CDT, the loonie was at US$0.7207 or US$1=C$1.3873 compared to Thursday’s close of US$0.7135 or US$1=C$1.4015. On the index, the greenback dropped 1.335 points at 99.275.
China announced today it has increased its tariffs on U.S. imports from 84 per cent to now 125 per cent as the trade war between the world’s two largest economies continued to heat up.
Benchmark crude oil prices slipped on Friday morning, on pressure from those Chinese tariffs.
Brent crude oil gave up 45 cents at US$62.88 per barrel and West Texas Intermediate was down 47 cents at US$59.60.
The TSX/S&P Composite Index gained 128.02 points at 23,142.89.
Gold jumped US$71.40 at US$3,248.90 per ounce.
