Loonie takes biggest dive against U.S. dollar in six years following Brexit vote
Tags: Loonie
The Canadian dollar is down more than a cent and half against the U.S. greenback – its biggest dive against the U.S. dollar in six years – as markets around the world come to terms with the Brexit vote, which puts Britain on a path towards exiting the European Union.
The loonie ended the trading day at was at 76.93 cents US, down 1.37 cents from Thursday's close..
Meanwhile, the British pound plunged even more sharply against other currencies this morning, including the Canadian dollar.
The British pound was at lows that it hasn't seen since the mid-1980s.
It was down more than eight per cent compared with the U.S. dollar and about 6.5 per cent against the Canadian dollar. The pound was worth just under US$1.37 and just under C$1.79.
"Commodity prices (except for gold . . . ) are taking a hit from lowered prospects for global growth," BMO Capital Markets analyst Jennifer Lee wrote in a commentary.
In commodities, the August contract for North American benchmark crude oil fell $2.47 to US$47.64 a barrel, while the August natural gas fell 4.3 cents to US$2.694 per mmBtu. Gold was the lone bright spot as the August contract gained $59.30 to US$1,322.40 a troy ounce.
Signs were pointing to a big drop on the major U.S. and Canadian stock market indexes.
The Dow Jones industrial average plunged 611.21 points to 17,399.86, while the S&P 500 dropped 76.02 points to 2,037.30. The Nasdaq composite lost 202.06 points to 4,707.98.
The S&P/TSX composite index ended the day down 239.50 points at 13,891.88.
The loonie ended the trading day at was at 76.93 cents US, down 1.37 cents from Thursday's close..
Meanwhile, the British pound plunged even more sharply against other currencies this morning, including the Canadian dollar.
The British pound was at lows that it hasn't seen since the mid-1980s.
It was down more than eight per cent compared with the U.S. dollar and about 6.5 per cent against the Canadian dollar. The pound was worth just under US$1.37 and just under C$1.79.
"Commodity prices (except for gold . . . ) are taking a hit from lowered prospects for global growth," BMO Capital Markets analyst Jennifer Lee wrote in a commentary.
In commodities, the August contract for North American benchmark crude oil fell $2.47 to US$47.64 a barrel, while the August natural gas fell 4.3 cents to US$2.694 per mmBtu. Gold was the lone bright spot as the August contract gained $59.30 to US$1,322.40 a troy ounce.
Signs were pointing to a big drop on the major U.S. and Canadian stock market indexes.
The Dow Jones industrial average plunged 611.21 points to 17,399.86, while the S&P 500 dropped 76.02 points to 2,037.30. The Nasdaq composite lost 202.06 points to 4,707.98.
The S&P/TSX composite index ended the day down 239.50 points at 13,891.88.
Comments