Canadian Dollar and Business Outlook: Loonie holding steady
China's economy, global crude oil square off
By MarketsFarm
WINNIPEG, July 10 (MarketsFarm) – The Canadian dollar was relatively steady on Monday morning, due to small declines in crude oil prices.
As of 8:41 am CDT, the loonie was at US$0.7521 or C$1.3296, compared to Friday’s close of US$0.7523 or US$1=C$1.3292. On the U.S. Dollar Index, the greenback bumped up 0.090 of a point at 102.040.
Benchmark crude oil prices were slightly lower on Monday morning as China’s sluggish economic rebound edged out support derived from production cuts by Saudi Arabia and Russia.
Brent crude oil lost 52 cents at US$77.95 per barrel and West Texas Intermediate (WTI) gave up 51 cents at US$73.35. Western Canadian Select shed 51 cents at US61.86/barrel.
On Wednesday the Bank of Canada will make it latest interest rate announcement, with the central bank likely to raise its key rates by 25 basis points to 4.75 per cent.
Shortly after Monday’s open the TSX/S&P Composite Index dipped 5.31 points at 19,825.73.
Gold dropped US$5.80 at US$1,926.70 per ounce.
