By Commodity News Service Canada
Aug. 30 (CNS Canada) – The Canadian dollar’s slide continued
this morning on data that showed the Canadian economy grew slower
than analysts had anticipated.
The Canadian/U.S. exchange was at US$0.7704, or C$1.2980 at 8:45
CDT this morning. The loonie closed yesterday at US$0.7733, or
C$1.2931. The monthly average for July, Canada to U.S. dollars was
US$7616, or C$1.3130.
Canada’s gross domestic product grew by 2.9 per cent from April
to June, the fastest pace in the last year. Exports, which were up
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However, economists had projected Canada’s economy to expand 3.1 per
cent and the slower-than-expected investment growth may delay any
Bank of Canada decision to hike interest rates until at least October.
The S&P/TSX composite index is trading at 16,371.68 on early
trading, down 0.11 per cent, or 18.61 points. Investors held their
money close as stock markets stalled due to concerns that China’s
economy is beginning to feel the effects of American tariffs. While
movement on NAFTA talks between Canada and U.S. sent positive market
signals, they were offset by worries that any trade agreements with
China remained far off.
In the U.S., the S&P 500 was also down. It was trading at 2,908.18
early this morning, down 4.86 points or 0.17 per cent.
The Dow Jones Industrial Average is down 0.22 per cent to
26,066.69, and the Nasdaq dropped 20.93 points, or 0.26 per cent,
to 8,088.76.
West Texas Intermediate crude oil was trading at US$69.77 this
morning, up 26 US cents.
