Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 14 (MarketsFarm) – The Canadian dollar eased back on Wednesday, following an announcement from the United States Federal Reserve.
The loonie closed at US$0.7374 or US$1=C$1.3561, compared to Monday’s close of US$0.7382 or US$1=C$1.3547. On the U.S. Dollar Index, the greenback gave up 0.337 of a point at 103.230.
The Fed hiked its key interest rates by 50 basis points on Wednesday, with its chair Jerome Powell stating there will be further increases in 2023. Earlier this week, Bank of Canada (BoC) Governor Tiff Macklem commented he will continue to pursue higher interest rates to quell inflation.
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Benchmark crude oil prices were higher on Wednesday, despite a uptick in U.S. crude inventories. The Energy Information Administration (EIA) reported an increase of 10.2 million barrels for the week ended Dec. 9 at 424.1 million.
Brent crude oil advanced US$2.19 at US$82.87 per barrel. West Texas Intermediate (WTI) crude oil climbed US$2.01 at US$77.40/barrel. Western Canadian Select (WCS) bumped up 78 cents at US$47.43/barrel.
The TSX Composite Index ended Wednesday with a loss of 131.81 points, at 19,891.65.
Gold was down US$6.30 at US$1,819.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 1.80 Farmers Edge Inc. dn $ 0.02 at $ 0.32 Linamar Corp. dn $ 0.25 at $ 64.71 Maple Leaf Foods dn $ 0.17 at $ 23.94 Nutrien Ltd. dn $ 1.40 at $103.08 Ritchie Bros Auctioneers Inc. up $ 0.29 at $ 77.32
(All figures are in Canadian dollars.)
