Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, June 17(MarketsFarm) The Canadian dollar was down on Monday morning, following a muted outlook for global demand for crude oil.

At 8:45 CDT Monday morning, the Canadian dollar was at US$0.7455 or C$1.3414, which compares with Friday’s North American close of US$0.7471 or C$1.3385.

United States companies were invited to public hearings in Washington on Monday. The hearings are in regard to the Trump administration’s proposed additional tariffs on Chinese goods. The ongoing trade war between the two countries has brought future global oil demand into question.

Market performances were mixed ahead of the U.S. Federal Reserve announcement on monetary policy, on Wednesday. Speculation has arisen that the central bank may cut interest rates.

“It’s hard to recall a time we headed into an FOMC meeting with so much at stake and with so much uncertainty about what might be agreed,” said Neil Wilson, chief market analyst at Markets.com.

The TSX gained modestly at 8:45 CDT, up 9.25 points at 16,311.16. The S&P 500 Index lost 4.66 points to hit 2,886.98. Similarly, the Dow Jones lost 17.16 points at 26,089.61. The NASDAQ lost 40.47 to hit 7,796.66.

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