By Commodity News Service Canada
Oct. 18 (CNS Canada) – The Canadian dollar fell relative to
the United States currency, which gained strength following what
analysts perceived as a hawkish tone from the U.S. Federal
Reserve. Release of the Fed minutes revealed most members want
to continue to raise interest rates until the U.S. economy shows
signs of slowing down. Declining oil prices added to the
loonie’s decline.
The Canadian dollar was at US$0.7664, or C$1.3048 at 8:25
a.m. CDT. It closed Oct. 17 at US$0.7696, or C$1.2994.
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first decline in three months. Manufacturing sales fell to
C$58.6 billion in August, a fall of 0.4 per cent, mainly due to
lower vehicle sales, said Statistics Canada. Sales were down in
seven of 21 industries representing 50.9 per cent of the
national manufacturing sector.
The S&P/TSX composite opened lower at 15,477.88, a decline
of 52.03 points, or 0.34 per cent at 8:45 a.m. CDT. Energy
stocks were down 1.5 per cent in early trading.
West Texas Intermediate (WTI) crude oil was at US$68.68 per
barrel, down US$1.07.
