WINNIPEG – The Canadian dollar continued its downturn on Wednesday morning.
As of 8:37 a.m. CDT, the loonie was at US$0.7585 or US$1=C$1.3184, compared to US$0.7628 or US$1=C$1.3110 on Tuesday.
The United States Labor Department reported on Wednesday that the producer price index (PPI) for final demand decreased 0.1 per cent in August, but excluding food and energy, the core PPI increased by a larger-than-expected 0.4 per cent. The U.S. Dollar Index declined 0.28 of a point at 109.54.
Crude oil prices were on the rise early Wednesday despite the International Energy Agency (IEA) slightly reducing its global demand outlook by 110,000 barrels per day from its previous forecast. Brent crude oil added US$1.11 per barrel to US$94.28. West Texas Intermediate (WTI) rose US$1.17 at US$88.48/barrel. Western Canadian Select (WCS) was up US$0.19 to US$66.87/barrel.
The TSX/S&P Composite Index gained 45.99 points to 19,691.39.
Gold lost US$3.20 per ounce to US$1,714.20.
