By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The Canadian dollar held steady Tuesday morning as currency traders digested the latest inflation data out of the United States.
At 9:10 a.m. CDT the Canadian dollar was trading at US$0.7280 or US$1=C$1.3736, which compares with Monday’s close of US$0.7279 or US$1=C$1.3738.
Producer prices in the U.S. were up by only 0.1 per cent in July compared to the previous month, rising by 2.2 per cent annually. The reading came in below trade expectations, with consumer price data out on Wednesday followed by retail sales on Thursday.
There were no significant Canadian economic releases on Tuesday.
Crude oil was softer in early activity, with West Texas Intermediate crude oil down by 1.04 per cent at US$79.23 per barrel.
The TSX gained 91.87 points to hit 22,490.80 at 9:10 CDT.
