BEFORE THE BELL: All eyes on US Fed Reserve Chair; Oil and gold rebound from Thursday dip
After putting pressure on the TSX and Loonie yesterday, oil and gold are rebounding.
The price of US crude is gaining to 68.65 a barrel and the precious metal is up to 1,198 an ounce. This comes as the Greenback falls again weighted by political volatility.
Investors will be watching as US Federal Reserve Chair Jerome Powell gives a speech at a central bankers conference in Wyoming today. Experts suggest the US policymaker will confirm plans to raise the US interest rate again, despite scathing comments from Trump on Powell’s attack on the US economy.
Bank of Canada Governor Stephen Poloz is expected to speak at the conference as well and traders will be looking for any indication on his plans to combat the spike in Canada’s inflation.
As it’s US counterpart loses strength, the Loonie is gaining to 76.53 cents US.