By MarketsFarm
WINNIPEG, Feb. 3 (MarketsFarm) The Canadian dollar was slightly lower on Monday, as United States markets carefully watch the results of the Iowa Caucus tonight.
At 8:30 CST, the Canadian dollar was at US$0.7549 or C$1.3250, which compares with Friday’s North American close of US$0.7557 or C$1.3233.
Stocks opened the day cautiously higher, making some gains after January brought the weakest monthly performance since 2016. Markets will be attuned to incoming political news, as tonight’s Iowa Caucus is an integral part of the 2020 U.S. presidential election.
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The TSX was higher at 8:45 CST, up by 70.15 points at 17,386.78. The S&P 500 Index was up 22.88 points to hit 3,248.38. The Dow Jones gained 184.51 points at 28,449.05. The NASDAQ also increased, up 83.61 to hit 9,238.18.
Oil prices were slightly lower, remaining under pressure as China’s oil demand plummets. According to one report, the nation’s oil demand has dropped by about 3 million barrels per day, which totals 20 per cent of total consumption. The decrease is due to the ongoing outbreak of the coronavirus. Brent Crude was down by US$2.68 at US$56.03 per barrel, and West Texas Intermediate (WTI) was down by 30 cents at US$51.33 per barrel.
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