-
Tips for becoming a good boxer - November 6, 2020
-
7 expert tips for making your hens night a memorable one - November 6, 2020
-
5 reasons to host your Christmas party on a cruise boat - November 6, 2020
-
What to do when you’re charged with a crime - November 6, 2020
-
Should you get one or multiple dogs? Here’s all you need to know - November 3, 2020
-
A Guide: How to Build Your Very Own Magic Mirror - February 14, 2019
-
Our Top Inspirational Baseball Stars - November 24, 2018
-
Five Tech Tools That Will Help You Turn Your Blog into a Business - November 24, 2018
-
How to Indulge on Vacation without Expanding Your Waist - November 9, 2018
-
5 Strategies for Businesses to Appeal to Today’s Increasingly Mobile-Crazed Customers - November 9, 2018
Dollar poised to close below 70 cents U.S.
The Canadian dollar dipped to a 13-year low Tuesday, closing for the day below US$0.70.
Advertisement
Crude oil steadied near $32 per barrel on Tuesday, recovering slightly as investors booked profits after it fell to a near-12-year low on concerns about oversupply and fragile demand from China. “I believe there are opportunities … there are also challenges”.
The loonie was trading at 70.15 cents United States, down 0.01 of a cent just before noon.
Sadiq Adatia, chief investment officer at Sun Life Global Investments, said the Bank of Canada is eyeing the low price of oil as it considers where to take its benchmark interest rates after cutting them twice a year ago. “It’s not something that’s in our control”. The metals and mining sector was the biggest loser on the TSX, dropping more than three per cent. Industrials stocks lost roughly 2.7 per cent.
Patrick Leblond, an expert in finance at the University of Ottawa, said recent volatility in stock markets around the world and global economic uncertainty is causing people to flee for the safe haven of U.S. Treasury bonds.
“Who knows if at some point the bargain hunters might start to step in again?”
On the commodity markets, the February gold contract was up $1.90 at US$1,087.10 an ounce and the crude contract was up 77 cents at US$31.21 per barrel.
Advertisement
It mostly traded below 70 US cents between 1997 and 2003, a period when manufacturing made up a larger part of exports than oil. “It’s a sign that the economy is doing well, and that, in the long run, is positive for corporate earnings and should be good for stocks”.