By MarketsFarm
WINNIPEG, May 31 (MarketsFarm) The Canadian dollar was down on Friday morning, following reports that the Canadian economy only grew 0.4 per cent in the first quarter of 2019.
At 8:45 CDT Friday morning, the Canadian dollar was at US$0.7390 or C$1.3529, which compares with Thursday’s North American close of US$0.7407 or C$1.3501.
A senior official with the Bank of Canada said Canada’s economy is “caught in the middle” of the trade war between the United States and China, and that the global trade conflict is top-of-mind for policy-makers.
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“China and the U.S. have escalated their dispute, and Canada has been caught in the crossfire,” said Carolyn Wilkins as she addressed the Calgary Chamber of Commerce.
China’s latest round of tariffs on U.S. goods will take effect tomorrow.
Markets are bracing for another trade war after U.S. President Donald Trump threatened Mexico with tariffs in retaliation to illegal immigration.
“These measures aren’t beneficial for Mexicans or Americans,” Mexican President Andres Manuel Lopez Obrador said in a press conference Friday.
The TSX lost at 8:45 CDT, down 114.03 points at 15,973.53. The S&P 500 Index also lost 31.81 points to hit 2,759.43. Similarly, the Dow Jones lost 291.19 points at 24,873.65. The NASDAQ gained 95.88 to hit 7,469.32.
