Markets

TSX May Open Lower As Firm Dollar Pressures Commodities

Canada's benchmark index may open another disappointing session after commodity prices dropped due to a firm dollar. Stock futures for the December quarter on the S&P TSX index were down 0.06% recently.

The greenback strengthened after U.S. Fed Chair Janet Yellen reportedly said in her speech late Thursday that the bank is still open to the possibility of having key rates increased this year as long as inflation remains stable and the economy, strong. Supportive of Yellen's statement, the U.S. GDP for Q2 has been revised upward on the back of increased consumer spending and construction, reports said Thursday.

Oil prices were a little changed, with Brent crude up by a mere 0.25% at US$48.29/barrel. Gold was down 0.88% to US$1,143.60/ounce, while copper slipped 0.17% to US$2.2985/pound.

The TSX was down by 45 points at closing on Thursday but lost as much as 150 points in the mid-morning session.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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