By MarketsFarm
WINNIPEG, Feb. 28 (MarketsFarm) The Canadian dollar was weaker Friday morning, as broad global concerns over the COVID-19 coronavirus weighed on world markets.
At 9:16 CST Friday morning the Canadian dollar was at US$0.7441 or C$1.3440 which compares with Thursday’s North American close of US$0.7484 or C$1.3361.
Weak domestic economic data added to the softer tone in the currency. Canada’s annual growth for real gross domestic product came in at 1.6 per cent in 2019, according to a report from Statistics Canada. That was down from the 2.0 per cent reported the previous year. Real GDP growth was only up by 0.1 per cent in the fourth quarter.
The Bank of Canada will make a policy announcement next week, and the soft GDP data raises the possibility of a rate cut, especially given the underlying concerns over COVID-19 and ongoing rail blockades across the country.
The TSX was down 777.29 points at 9:06 CST to trade at 15,940.15 points.
