By MarketsFarm
WINNIPEG, April 26 (MarketsFarm) The Canadian dollar was slightly stronger Friday morning.
At 8:45 CDT Thursday morning, the Canadian dollar was at US$0.7426 or C$1.3466, which compares with Thursday’s North American close of US$0.7411 or C$1.3493.
Crude oil prices fell on Friday as the market corrected from prices that rose consistently for almost a year. Global crude markets were thrown into a tailspin following United States President Donald Trump’s announcement to sanction Iranian oil. On Thursday, Germany, Poland, and Slovakia suspended imports of Russian crude, according to Reuters.
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The U.S. Department of Commerce reported that the U.S. economy grew more than expected in the first quarter of 2019, thanks to an increase in consumer spending. Gross domestic product increased by 3.2 per cent.
“The American consumer is key to the U.S. economy,” said Mark Zandi, chief economist for Moody’s Analytics, to NPR.
“We consume everything we produce and a lot of what everyone else produces across the globe. So if the American consumer is hanging tough, that’s good for our economy but also good for the global economy.”
The TSX lost at 8:45 CDT, down 48.56 points at 16,523.61.
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