Global equities fell dramatically as China announced plans to raise duties on some American imports starting June 1, defying a call from President Donald Trump to resist escalating a trade war. Trump had tweeted two hours earlier “China should not retaliate — will only get worse!”
Four oil tankers, two of them Saudi-owned, were attacked Sunday near the Strait of Hormuz, the entrance to the Persian Gulf. Any assault on shipping is a cause for concern, but it becomes particularly worrying when it happens in, or close to, the world’s most important shipping lanes for oil. Oil had risen by 2.8% earlier today but has come back to unchanged on the day.
The Canadian dollar is weaker due to expectations of further economic slow growth and possible trade wars.
Currently Close Range
USDCAD 1.3472 1.3417 1.3411-1.3475
EURCAD 1.5130 1.5071 1.5063-1.5175
GBPCAD 1.7452 1.7441 1.7442-1.7520