By MarketsFarm
WINNIPEG, Oct. 1 (MarketsFarm) The Canadian dollar was slightly lower on Tuesday morning, following reports that Canada’s economic growth was flat in July.
At 8:15 CDT, the Canadian dollar was at US$0.7526 or C$1.3287, which compares with Monday’s North American close of US$0.7551 or C$1.3243.
Canadian stock indexes were lower to start the morning, due to weak economic data. Economists expected the economy to grow by 0.1 per cent over the summer, but real gross domestic product was essentially unchanged for the month of July. That’s due in particular to losses in the oil and gas extraction sector.
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Oil prices were higher on Monday due to lowered output levels from the United States, Russia, and OPEC. A recent report showed that output from these producers fell significantly in the third quarter of the year. Brent Crude oil futures hovered around US$60 on Tuesday morning, up by 71 U.S. cents. West Texas Intermediate prices were in the US$55 range, up 62 U.S. cents.
The TSX lost ground at 8:30 CDT, down 35.64 points at 16,704.98. The S&P 500 Index was up 11.45 points to hit 2,988.45. Similarly, the Dow Jones gained 80.87 points at 26,994.15. The NASDAQ increased, up 41.05 to hit 8,039.79.
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