By Commodity News Service Canada
WINNIPEG, Sept. 1 (CNS Canada) – The Canadian dollar posted early gains versus its U.S. counterpart today, up 0.60 of a cent U.S. to US$0.8070 or C$1.2392. The loonie closed Thursday at US$0.7977 or C$1.2536.
The S&P/TSX dropped in early trading mostly due to losses in the energy and materials sectors. The index had fallen 40.06 points as of 9 a.m. CDT to 15,171.81, a decline of 0.26%.
Canada’s economy posted strong second quarter numbers, including its best rate of growth in six years, raising expectations an interest rate hike could come as early as next week. Gross domestic product grew at an annualized rate of 4.5 per cent for the quarter.
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An expected global slowdown in Asia and Europe is showing no signs of appearing just yet, as factories boosted production last month against most analysts’ predictions. That will likely encourage central banks to roll back stimulus packages still in place since the global financial crisis. Chinese and European Union manufacturers both boosted production last month, with European factories seeing the fastest rise in exports since 2011.
The three major indexes in the U.S., the Dow Jones, the S&P 500 and the Nasdaq are all expected to close the week with overall gains.
