Canadian Dollar and Business Outlook: Loonie up amid higher U.S./China tensions

China orders halt on some U.S. imports

By MarketsFarm

WINNIPEG, June 1 (MarketsFarm) – The Canadian dollar was higher on Monday morning relative to the United States dollar.

As of 8:46 CDT, the Canadian dollar was at US$0.7296 or C$1.3708, compared to Friday’s close of US$0.7253 or C$1.3787.

Benchmark crude oil prices were steady to lower Monday morning as OPEC and Russia were considering an extension of their production cuts. However, their decision was delayed as tensions between the United States and China increased further.

Reuters reported this morning that the Chinese government ordered its state-owned firms to cease importing soybeans and pork from the U.S. The move comes after the Trump administration said it would end Hong Kong’s special trade status with the U.S. following China imposing new security laws on the autonomous region.

Brent crude oil slipped 49 cents at US$37.35 per barrel. West Texas Intermediate (WTI) was down US$1.06 at US$34.43 per barrel. Western Canadian Select (WCS) was edged lower by 85 cents at US$27.34 per barrel.

At the opening, the TSX/S&P Composite Index was down 23.75 points at 15,169.08.

Gold was up US$5.31 at US$1,735.59 per ounce.

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