By MarketsFarm
WINNIPEG, Aug. 6 (MarketsFarm) – The Canadian dollar was steady Tuesday morning, as the major United States stock markets recovered from a serious blow dealt by China on Monday.
As of 8:50 CDT, the Canadian dollar was at US$0.7560 or C$1.3244. That compares to Friday’s North American close of US$0.7561 or C$1.3225.
As the United States/China trade war heated up again, China devalued its yuan on Monday, which sent the U.S. markets into a nosedive. The Dow Jones, NASDAQ and S&P 500 each lost about three per cent of their values at the close of trading yesterday, for their largest losses of 2019 so far.
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The TSX/S&P Composite Index was closed August 5, but was still caught up in the turmoil caused by the yuan devaluation. At the start of trading on Tuesday, the TSX was dropped 135.69 points to be at 16,135.97.
Crude oil prices were up Tuesday morning, regaining some of their values lost on Monday due to the yuan. West Texas Intermediate crude oil was up 20 cents at US$54.89 per barrel, and Brent crude oil was up 34 cents at US$60.15 per barrel.
Gold was down 20 cents at US$1,467.50 per ounce.
