Loonie up as U.S. dollar declines against other currencies
Toronto – The Canadian dollar was up about half of a U.S. cent Friday as the American greenback fell against other currencies.
The loonie was below its early high but still up 0.44 of a U.S. cent in late morning trade, rising to 76.35 cents US.
At the same time, the U.S. dollar recovered from earlier losses against the euro and British pound. The greenback had initially dropped in response to the U.S. Federal Reserve’s comments on Thursday, when it issued its latest interest rate decision.
Stock markets were also down sharply Friday morning.
Toronto’s S&P/TSX index dropped 113.29 points at 13,673.87 points, pulling back from a series of increases this week.
The Dow Jones industrial average of 30 stocks was down 252.94 points at 16,421.80, the broader S&P 500 index declined 24.07 points to 1,966.13, and the Nasdaq lost 47.36 points to 4,846.59.
On the commodity markets, the December gold contract rose $19.10 to US$1,136.10 an ounce, the October crude contract was down $1.25 at US$45.65 a barrel and the October contract for natural gas was down two cents at US$2.63.