By Commodity News Service Canada
June 26 (CNS Canada) — The Canadian dollar was holding steady Tuesday morning, which was viewed as a positive by many analysts given the array of influences lining up against it — NAFTA negotiations, U.S. tariffs, international trade fears and concerns about higher oil output from OPEC nations. The Canadian dollar was at US$0.7519 or C$1.330 per US$1.
The U.S. dollar is retreating to lower levels compared to a basket of international currencies as investors stay on the sidelines amid concerns about trade skirmishes between the U.S. and its trade partners.
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The Chinese yuan fell to six-month lows as Beijing backs off its support, building expectations the Chinese government will allow the yuan to fall further to cushion the impact caused by U.S. trade tariffs.
OPEC plans to raise oil output by one million barrels per day, but many analysts say that increase will only offset larger declines in Venezuela, Libya and Iran, which are expected to combine for a drop of 1.5 million to 2.0 million barrels per day.
Oil prices rose this morning, largely due to production declines in Canada and Libya. Brent Crude was up C$0.70 at C$70.43 per barrel. West Texas crude was steady trading at C$68.39.
The S&P/TSX composite index started higher this morning, supported by higher oil prices. In early trading, the TSX rose 53.64 points to 16,237.60, or 0.33 per cent as of 8:30 CDT.
In New York, stocks generally rose, led by tech stocks, on the heels of yesterday’s steep losses on the S&P 500.
