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Canadian Dollar and Business Outlook: Loonie continues downward on fears of global economic slowdown

By Commodity News Service Canada

WINNIPEG, Feb. 7 (CNS Canada) – The Canadian dollar was down Thursday morning as worries of a global economic slowdown have taken hold in the stock markets.

At 8:48 CST Thursday morning the Canadian dollar was at US$0.7537 or C$1.3264, which compares with Wednesday’s North American close of US$0.7582 or C$1.3190.

The TSX/S&P Composite Index opened down 21.03 points Thursday morning at 15,691.28 points.

Stock markets in the United States opened down as well, as the European Union cut its economic growth forecasts and as China battles its slower pace of economic growth.

The NASDAQ was down 70.05 points Thursday morning at 7,302.89 points and the S&P 500 slipped 18.31 points to start the day at 2,713.30 points. The Dow Jones dropped 161.54 points this morning at 25,228.76 points.

Oil prices are down Thursday morning. West Texas Intermediate crude is at US$53.54 per barrel after closing Wednesday at US$54.01 per barrel. Brent crude oil is down 20 cents per barrel this morning to US$62.49 per barrel.

Gold is down 40 cents Thursday morning to US$1,311.30 per ounce.

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