By MarketsFarm
WINNIPEG, Aug. 10 (MarketsFarm) – The Canadian dollar was stronger Wednesday morning as financial markets reacted to updated inflation data out of the United States.
At 9:12 a.m. CDT Wednesday morning the Canadian dollar was at US$0.7800 or US$1=C$1.2821, which compares with Tuesday’s close of US$0.7764 or US$1=C$1.2880.
U.S. consumer prices held steady on a monthly basis in July as a 20 per cent drop in gasoline costs helped slow the rate of inflation. The Consumer Price Index was up by 8.5 per cent on the year, according to the Labor Department report, which was down from 9.1 per cent the previous month. Canadian inflation data will be released Aug. 16.
Crude oil was weaker in early activity, putting some pressure on the energy-linked Canadian dollar. West Texas Intermediate was down by 1.57 per cent at US$89.08 per barrel.
The TSX was up by 193.61 points at 9:12 CDT, trading at 19,771.91 points.
