By MarketsFarm
WINNIPEG, July 9 (MarketsFarm) The Canadian dollar was weaker on Tuesday morning, following a trend set by flagging global stocks.
At 8:30 CDT, the Canadian dollar was at US$0.7617 or C$1.3126, which compares with Monday’s North American close of US$0.7645 or C$1.3081.
Stock markets have taken a downturn ahead of United States Federal Reserve Chair Jerome Powell’s testimony to Congress on Wednesday. Markets are anticipating monetary policy will shift to a “less accommodative direction amid strong economic data,” according to Yahoo Finance.
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Oil prices were stronger on Monday, following reports of Russian output falling to a three-year low due to a disagreement between oil producers and pipeline owners. Further gains were capped by continued concerns about global economic growth and oil demand. Brent Crude oil futures hovered around US$64 on Tuesday morning, up 18 cents. West Texas Intermediate prices were in the US$58 range, up 13 cents.
The TSX lost at 8:30 CDT, down 23.63 points at 16,439.32. The S&P 500 Index was down 11.78 points to hit 2,964.17. Similarly, the Dow Jones lost 98.92 points at 26,707.22. The NASDAQ also decreased, down 9.93 to hit 8,088.45.
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