WINNIPEG, Jan. 17 (MarketsFarm) – The Canadian dollar was a pinch higher Tuesday morning, benefitting from a dip in the United States dollar, increases in crude oil prices and a positive report on inflation.
As of 8:37 am CST, the loonie was at US$0.7468 or C$1.3391, compared to Monday’s close of US$0.7464 or C$1.3397. On the U.S. Dollar Index, the greenback gave up 0.251 of a point at 101.695.
Benchmark crude oil prices were higher on Tuesday morning, with indications that China’s economy would rebound in 2023 following reports that said the country’s economic growth in 2022 was three per cent rather than the projected 5.5 per cent.
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Brent crude oil gained US$1.69 at US$86.15 per barrel. West Texas Intermediate (WTI) added 93 cents at US$80.79/barrel. Meanwhile, Western Canadian Select (WCS) tacked on 63 cents at US$57.50/barrel.
Statistics Canada reported that inflation in December eased to 6.3 per cent, down from 6.8 per cent in November. However, reports indicated that the Bank of Canada intends to proceed next week with a 25-point increase to its key interest rates.
Shortly after Tuesday’s open the TSX/S&P Composite Index gained 61.23 points at 20,451.56.
Gold lost US$3.00 at US$1,918.70 per ounce.
