Glacier FarmMedia – The Canadian dollar stepped back on Wednesday after the Bank of Canada and the United States Federal Reserve made identical key interest rate cuts.
The loonie closed at US$0.7267 or US$1=C$1.3760, compared to US$0.7274 or US$1=C$1.3748 on Tuesday. The BoC announced this morning it cut its overnight rate by 25 basis points at 2.5 per cent in an effort to combat inflation.
The United States Dollar Index was up 0.17 of a point at 96.80. The index dipped when the Fed announced a cut of 25 basis points to its key interest rate this afternoon, only to recover later in the day.
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Crude oil prices dropped, largely due to the Fed’s announcement. However, Ukrainian attacks on Russian energy infrastructure supported prices.
West Texas Intermediate lost US$0.47 per barrel at US$64.05. Brent crude oil declined US$0.49/barrel at US$67.98.
The TSX/S&P Composite Index ended the day relatively steady, adding 6.43 points at 29,321.66. Earlier on Wednesday, it reached an all-time high of 29,465.14.
Gold fell US$30.80 per ounce at US$3,694.30.
