By Commodity News Service Canada
June 29 (CNS Canada) – The Canadian dollar was trading at 76.72 cents U.S. at 8:50 CDT (C$1.3034 per US$1). The loonie closed Wednesday at 76.57 cents U.S. (C$1.306 per US$1).
The S&P/TSX index fell in early trade, pulled down by declines in energy and industrial stocks. At 8:52 a.m. CDT, it was at 15,244.42, down 111.2 points, or .72 per cent.
Reuters news agency reports that in an informal survey, 25 portfolio managers and analysts predict the Toronto TSX/S&P index will rise two percent by the end of 2017 from the June 28 close level of 15,355.58. They also predicted a new record high by mid-2018, based on a median forecast from the group. They attributed moderate economic growth, which would offset low oil prices and housing market concerns.
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The U.S. dollar dipped to yearly lows early Thursday as central banks worldwide issued comments that government-stimulus packages instituted following the recession in 2008 may be scaled back. The Bank of Canada and Bank of England have both hinted that interest rate increases may be coming as economies heat up. The delayed health-care bill in the U.S. is also causing problems for the dollar because it dims prospects that tax reform will make it onto the agenda any time soon.
The United States economy showed signs of a sluggish start to the year. The U.S. Commerce Department reports that the country’s gross domestic product grew at an annual rate of 1.4 per cent in the first quarter of 2017. Although the figure is better than the previous estimate of 1.2 per cent, it is below the 2.1 per cent growth posted in the final quarter of 2016.
