Glacier FarmMedia | MarketsFarm – The Canadian dollar made its way closer to the 70 United States cent mark after the release of new economic news.
The loonie was at US$0.6998 or US$1=C$1.4290 as of 8:49 a.m. CDT, compared to Monday’s close at US$0.6991 or US$1=C$1.4304. Statistics Canada reported today that the annual rate of inflation jumped to 2.6 per cent in February, compared to 1.9 per cent the month before, due to the end of the federal government’s temporary tax break.
The U.S. Dollar Index was up 0.13 of a point at 103.50. The U.S. Federal Reserve is expected to leave interest rates unchanged when it meets today.
Crude oil was higher due to tensions in the Middle East and China’s economic stimulus initiatives. Brent crude oil increased US$0.52 at US$71.59 per barrel. West Texas Intermediate (WTI) added US$0.44 at US$68.02/barrel.
The TSX/S&P Composite Index lost 35.36 points at 24,749.75.
Gold surged US$32.20 per ounce at US$3,038.30 after hitting an all-time high of US$3,047.50.
