Canadian dollar and business outlook

Glacier FarmMedia — The Canadian dollar was softer Thursday morning, pressured by a declining appetite for risk in global financial markets amid the ongoing war in the Middle East.

• At 8:36 a.m. CDT the Canadian dollar was trading at US$0.7289 or US$1=C$1.3719 which compares with Wednesday’s close of US$0.7296 or US$1=C$1.3706.
• The Bank of Canada and the U.S. Federal Reserve left their key interest rates unchanged in policy announcements on Wednesday but warned of higher inflation in accompanying statements.
• The Bank of England, the European Central Bank and the Bank of Japan also held rates steady on Thursday. 
• Crude oil was stronger, with West Texas Intermediate up 1.23 per cent at US$96.63 per barrel.
• Gold was 6.72 per cent lower at US$4,457.30 per ounce.
• The TSX was down 596.43 points at 8:57 CDT to trade at 31,716.24.

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