By MarketsFarm
WINNIPEG, Oct. 30 (MarketsFarm) – The Canadian dollar was lower on Wednesday following the Bank of Canada and United States Federal Reserve interest rate announcements.
The dollar finished the day at US$0.7603 or US$1=C$1.3152, compared to Tuesday when it closed at US$0.7648 or US$1=C$1.3075.
Financial markets an hit all-time high following the Fed’s announcement to cut interest rates by a quarter of a point to 1.50 per cent. This rate cut is expected to be the last for 2019. “Markets believe that, irrespective of easing trade issues, there is a gigantic pause on future rate increases unless and until inflation moves markedly higher,” said Jamie Cox, managing partner for Harris Financial Group.
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The Bank of Canada announced their interest rate will remain at 1.75 per cent.
The TSX Composite Index closed higher by 83.29 points at 16,501.43. The S&P 500 gained 9.88 to close at 3,046.77. Similarly, the Dow Jones increased by 115.27 points to finish at 27,186.69. The NASDAQ was up 27.13 to finish at 8,303.98.
Benchmark oil prices were slightly lower due to increases in output across the world. Brent crude oil was down by US$1.04 to close at US$60.55 per barrel. West Texas Intermediate (WTI) crude oil was down by 60 cents to close at US$54.94 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 3.60
Linamar Corp. dn $ 0.38 at $ 43.58
Maple Leaf Foods dn $ 3.96 at $ 28.99
Nutrien Ltd. dn $ 0.67 at $ 63.94
Ritchie Bros Auctioneers Inc. up $ 0.65 at $ 53.19
Rocky Mountain Dealerships Inc. dn $ 0.05 at $ 6.60
(All figures are in Canadian dollars.)
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