By MarketsFarm
WINNIPEG, Oct. 29 (MarketsFarm) – The Canadian dollar was slightly lower on Tuesday, ahead of the Bank of Canada and United States Federal Reserve both making interest rate announcements tomorrow.
The dollar finished the day at US$0.7648 or US$1=C$1.3075, compared to Monday when it closed at US$0.7659 or US$1=C$1.3056.
Financial markets were also subdued ahead of the announcements. The Bank of Canada is expected to freeze interest rates, while the U.S. Federal Reserve will likely cut rates by 25 basis points. However, that’s expected to be the last interest rate cut in 2019.
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The TSX Composite Index closed higher by 30.61 points at 16,418.14. The S&P 500 lost 2.53 to close at 3,036.89. Similarly, the Dow Jones decreased by 19.30 points to finish at 27,071.42. The NASDAQ was down 49.14 to finish at 8,276.85.
Benchmark oil prices were steady to lower, despite reports that U.S. product inventories have declined. Brent crude oil was down by seven cents to close at US$61.50 per barrel. West Texas Intermediate (WTI) crude oil was down by 38 cents to close at US$55.43 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 3.60
Linamar Corp. up $ 0.02 at $ 43.56
Maple Leaf Foods dn $ 0.29 at $ 29.28
Nutrien Ltd. up $ 1.11 at $ 63.82
Ritchie Bros Auctioneers Inc. up $ 0.39 at $ 52.80
Rocky Mountain Dealerships Inc. dn $ 0.06 at $ 6.66
(All figures are in Canadian dollars.)
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