TSX May Open Lower As Commodities Tumble on Firm Dollar

TSX May Open Lower As Commodities Tumble on Firm Dollar

Canada’s benchmark index looked set to open lower on Thursday, as the continued firmness of the U.S. currency dragged down commodity prices.

Action Economics said the dollar ticked slightly higher versus the yen following the record low jobless claims outcome and firmer personal income print.

Meanwhile, AE said front-month WTI futures are down by 3.9% since last Friday’s peak, which was a three-week high. Continued dollar firmness, with the narrow trade-weighted index posting five -week highs on Thursday, alongside an ongoing risk-off sentiment in global asset markets have maintained the pressure on crude.

The TSX shed 228 points on Wednesday, led lower by energy stocks.

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