Canadian dollar continues its recent climb, hitting 80-cent US mark
TORONTO — The Canadian dollar broke above 80 cents US in morning trading today amid a weakening U.S. currency.
The loonie, which hasn't closed above 80 cents US since June 30, 2015, later dipped slightly, trading at 79.97 cents US, up from Friday's average price of 79.69 cents US.
The dollar has been climbing since the middle of June, when speculation grew that the Bank of Canada was going to raise its key benchmark interest rate.
The central bank hiked its key interest rate on July 12, its first rate increase since 2010.
On Bay Street, Canada's main stock index pulled back moderately as gold and materials stocks lost ground.
The Toronto Stock Exchange's S&P/TSX composite index was down 64.91 points to 15,118.22, after 90 minutes of trading.
In New York, the Dow Jones industrial average declined 64.94 points to 21,515.13, the S&P 500 index lost 4.61 points to 2,467.93 and the Nasdaq composite index was up 1.56 points to 6,389.31.
The September crude contract added 51 cents to US$46.28 per barrel and August natural gas fell six cents to US$2.91 per mmBTU.
August gold was unchanged at US$1,254.90 an ounce and September copper was up one cent to US$2.73 a pound.
Canadian dollar continues its recent climb, hitting 80-cent US mark | National Newswatch
Also
Saudi Arabia Cuts Oil Exports as OPEC Looks to Stem Crude-Price Slide
ST. PETERSBURG—The Organization of the Petroleum Exporting Countries and big oil-producing allies made a rare acknowledgment on Monday: They are part of the reason oil prices are low.
Until now, OPEC had largely blamed U.S. shale drillers for low prices, saying American producers ramped up output as the cartel carried out a cut. But on Monday, OPEC officials said they were looking inward and contemplating a crackdown on countries...
https://www.wsj.com/articles/opec-huddles-with-oil-allies-in-fight-against-glut-1500887769
TORONTO — The Canadian dollar broke above 80 cents US in morning trading today amid a weakening U.S. currency.
The loonie, which hasn't closed above 80 cents US since June 30, 2015, later dipped slightly, trading at 79.97 cents US, up from Friday's average price of 79.69 cents US.
The dollar has been climbing since the middle of June, when speculation grew that the Bank of Canada was going to raise its key benchmark interest rate.
The central bank hiked its key interest rate on July 12, its first rate increase since 2010.
On Bay Street, Canada's main stock index pulled back moderately as gold and materials stocks lost ground.
The Toronto Stock Exchange's S&P/TSX composite index was down 64.91 points to 15,118.22, after 90 minutes of trading.
In New York, the Dow Jones industrial average declined 64.94 points to 21,515.13, the S&P 500 index lost 4.61 points to 2,467.93 and the Nasdaq composite index was up 1.56 points to 6,389.31.
The September crude contract added 51 cents to US$46.28 per barrel and August natural gas fell six cents to US$2.91 per mmBTU.
August gold was unchanged at US$1,254.90 an ounce and September copper was up one cent to US$2.73 a pound.
Canadian dollar continues its recent climb, hitting 80-cent US mark | National Newswatch
Also
Saudi Arabia Cuts Oil Exports as OPEC Looks to Stem Crude-Price Slide
ST. PETERSBURG—The Organization of the Petroleum Exporting Countries and big oil-producing allies made a rare acknowledgment on Monday: They are part of the reason oil prices are low.
Until now, OPEC had largely blamed U.S. shale drillers for low prices, saying American producers ramped up output as the cartel carried out a cut. But on Monday, OPEC officials said they were looking inward and contemplating a crackdown on countries...
https://www.wsj.com/articles/opec-huddles-with-oil-allies-in-fight-against-glut-1500887769
