By MarketsFarm
WINNIPEG, Aug. 7 (MarketsFarm) – The Canadian dollar fell to around 75 U.S. cents on Wednesday, as global stock indexes bounced back from a rocky start to the week.
The dollar finished the day at US$0.7506 or US$1=C$1.3322, which compares with Tuesday’s close of US$0.7545 or US$1=C$1.353.
Several international central banks cut interest rates on Wednesday morning, which helped to boost stock indexes amid concerns of U.S./China trade tensions dragging global growth.
“A lot of investors feel like we’re getting ready to hit a wall because of the actions of the trade war,” said Bob Phillips, managing principal at Spectrum Management Group, to Bloomberg. “I’m hoping wiser heads will prevail in this trade battle and something will work out.”
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The TSX Composite Index closed higher by 115.73 points at 16,256.22. The S&P 500 gained 2.21 to close at 2,883.98. Conversely, the Dow Jones slipped 22.45 to finish at 26,007.07. The NASDAQ gained 29.56 to finish at 7,862.83.
Benchmark oil prices were down on Wednesday, as concerns of future global demand persist. Brent crude oil was down by US$1.55 to close at US$57.39 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.32 to close at US$52.31 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 2.80
Linamar Corp. dn $ 0.06 at $ 41.19
Maple Leaf Foods dn $ 0.50 at $ 32.87
Nutrien Ltd. up $ 0.31 at $ 68.77
Ritchie Bros Auctioneers Inc. dn $ 0.21 at $ 46.79
Rocky Mountain Dealerships Inc. dn $ 0.15 at $ 7.08
(All figures are in Canadian dollars.)
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