MID-DAY: Inflation grows above BoC predictions; Dow gains again following Thursday plummet
Canada’s inflation is higher than the Bank of Canada was hoping for. Stats Can reports inflation grew by 2.2 per cent in February, higher than the BoC two per cent prediction. This was driven by gas prices, which were over 12 per cent higher from this time last year.
Following the release of the report, the Loonie has gained to 77.88 cent US. The TSX is down slightly to 15,390.
After losing over 700 points yesterday, the Dow is slowly gaining, up to 24,032. Traders say the boost comes from an increase in Facebook and Nike shares. However, global markets are still volatile after Trump announced billions in trade tariffs against China, which has retaliated with over three billion in sanctions against US imports.
This has made gold the winner in the safe haven race as the precious metal is growing to 1,348 an ounce.
The price of oil is also continuing to gain, up to 65.44 a barrel.