By Commodity News Service Canada
WINNIPEG, MB, Feb. 5, 2018 (CNS Canada) – The Canadian
dollar was down Monday as losses in the stock market and price
of oil dragged it down.
At 9:05 Monday morning the Canadian dollar was at US$0.8007
or C$1.2487, which compares with Friday’s North American close
of US$0.8078 or C$1.2380.
Oil prices neared their lowest value in a month Monday as
rising United States output and a weaker physical market added
to the pressure from a widespread decline across equities and
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per barrel.
Bitcoin dropped in value for the fifth straight day leading
cryptocurrencies lower as global equities selloff deepened and
investors migrated to havens. Bitcoin dropped 10 per cent to
US$7,722, having dropped 22 per cent since the start of the
month.
Wall Street opened sharply lower Monday as rising bond
yields continued the selloff in equities and hints of inflation
pickup triggered concerns that the United States Federal Reserve
might have to raise interest rates more quickly than previously
expected. The Dow Jones Industrial Average dropped 282.86
points, or 1.11 per cent, to 25,238.1. The S&P 500 fell 26.05
points, or 0.94 per cent, to 2,736.08. The Nasdaq Composite lost
9 points, or 1.04 per cent, to 7,165.96.
The Toronto TSX/S&P Composite Index dropped Monday to a
four-month low, pressured by a drop in financial and industrial
shares as a selloff in global markets weighed on investor
sentiment. The TSX/S&P lost 86.69 points, or 0.56 per cent, to
15,519.34.
