By MarketsFarm
WINNIPEG, March 16 (MarketsFarm) The Canadian dollar was slightly weaker on Monday morning, as central banks around the world take measures to bolster economies during the COVID-19 coronavirus outbreak.
At 8:30 CST Monday morning the Canadian dollar was at US$0.7164 or C$1.3958 which compares with Friday’s North American close of US$0.7194 or C$1.3901.
The United States Federal Reserve cut benchmark rates by 100 basis points to range from 0 per cent to 0.25 per cent on Sunday night. Additionally, the People’s Bank of China injected 100 billion yuan into banking systems. Japan’s national bank doubled targets to purchasing exchange-traded funds, and also introduced a new lending program for businesses impacted by the pandemic. Last Friday, the Bank of Canada lowered its target interest rate by 50 basis points to total 0.75 per cent.
The TSX was down by 1,569.17 points at 8:40 CST to trade at 12,147.16 points.
Crude oil was also lower, with West Texas Intermediate down US$3.65 at US$30.20 per barrel.
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