BEFORE THE BELL: Loonie slumps further following fed budget release; US inflation speculation could gain traction from policymakers today
Investors will get more details on speculation that US inflation may push policymakers to impose another interest rate hike. The US Federal Reserve chair will be giving more details on the state of the economy and what is the next planned move. Wall Street reported February as its worst month since January 2016.
The investor uncertainty carried over into global markets as the Nikkei fell 1.6 per cent in overnight trading to close at 21,724. Analysts say a strong Yen also contributed to the weight on the Japanese index.
The Loonie continues to slump as experts say the Canadian currency is at its lowest since the Alberta wildfires. Analysts say it’s likely due to the feds failure to address US tax reforms for corporations that threaten Canadian investments. The Loonie is down to 77.78 cents US.
Oil prices are dropping, edging closer to the 60.00 benchmark at 61.11 a barrel.
Gold is down to 1,311 an ounce.