By MarketsFarm
WINNIPEG, July 30 (MarketsFarm) – The Canadian dollar was steady at market close on Tuesday, due to market expectations that the United States Federal Reserve will cut interest rates on Wednesday.
The loonie finished the day at US$0.7594 or US$1=C$1.3168, which compares with Monday’s close of US$0.7599 or C$1.3159.
While prospect of the Feds’ first interest cut in 10 years was supportive of the markets, it was out-weighed by the sour note surrounding U.S./China trade talks. In a tweet, U.S. President Donald Trump accused China of not following through on promised agricultural purchased from the U.S. China officials made counter-claims they country has made significant imports from the U.S.
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The TSX/S&P Composite Index was down 26.12 to close at 16,466.05 points.
In the U.S., the Dow Jones slipped 23.33 to finish at 27,198.02 points. The NASDAQ lost 19.72 to end the day at 8,273.61. The S&P 500 eased down 7.79 to 3,013.18.
Benchmark oil prices were up Tuesday, also on strong speculation the Fed will cut interest rates tomorrow.
Brent crude oil rose US$1.13 to close at US$64.84 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.25 to close at US$58.12 per barrel.
As of Monday, Western Canadian Select (WCS) crude oil was up 92 cents at US$43.10 per barrel. On July 29, the WCS/WTI price differential shrunk 25 cents at US$13.77 per barrel.
Gold was up US$10.30 on Tuesday to close at US$1,443.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn & 0.08 at $ 2.80
Linamar Corp. dn $ 0.11 at $ 45.35
Maple Leaf Foods dn $ 0.02 at $ 30.82
Nutrien Ltd. up $ 4.71 at $ 71.26
Ritchie Bros Auctioneers Inc. up $ 0.49 at $ 47.28
Rocky Mountain Dealerships Inc. up $ 0.10 at $ 7.53
(All figures are in Canadian dollars.)
