Canadian Financial Close: Loonie slips prior to expected interest rate freeze
BoC announcement at 8:45, the Fed at 1
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar gave up a quarter cent on Tuesday, ahead of two key announcements tomorrow.
The Bank of Canada is set to announce its next interest rate move on Wednesday at 8:45 a.m. CDT and the United States Federal Reserve will reveal its key rate move tomorrow at 1 p.m. CDT. Both central banks are widely expected to freeze their respective rates.
The loonie finished at US$0.7262 or US$1=C$1.3771, compared to Monday’s close of US$0.7287 or US$1=C$1.3723. The U.S. Dollar Index added 0.255 of a point at 98.650.
Benchmark crude oil prices were stronger on Tuesday as the U.S. and China work towards a trade deal, along with U.S. President Donald Trump imposing a much shorter deadline for Russia to reach a ceasefire with Ukraine.
West Texas Intermediate advanced US$2.79 at US$69.50 and Brent crude increased US$2.78 at US$72.82 per barrel.
The TSX Composite Index gained 134.46 points on Tuesday, to close at a new all-time high of 27,539.88.
Gold rose US$14.40 at US$3,324.40 per ounce.
