MONEY IN BRIEF

Currencies

OTTAWA (CP) — These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Wednesday. Quotations in Canadian funds. Australia dollar 0.9202 Brazil real 0.3443 China renminbi 0.1933 Euro 1.5023 Hong Kong dollar 0.171 India rupee 0.01918 Indonesia rupiah 0.000093 Japan yen 0.01234 Malaysia ringgit 0.3212 Mexico peso 0.0699 N.Z. dollar 0.8705 Norway krone 0.1537 Peruvian new sol 0.401 Russia rouble 0.02079 Saudi riyal 0.3569 Singapore dollar 0.9767 South Africa rand 0.09043 South Korean won 0.001129 Sweden krona 0.1412 Switzerland franc 1.341 Taiwanese dollar 0.04249 Thailand baht 0.04289 Turkey lira 0.2274 U.K. pound 1.6874 U.S. dollar 1.3385 Vietnam dong 0.000057

The markets today

TORONTO (CP) — Canada’s main stock index closed just shy of a three-week high Friday after the heavyweight financials sector was bolstered by a positive housing report. Volume was light across North American markets as investors awaited two big events in the coming weeks – next week’s Federal Reserve decision about interest rates and a meeting between the U.S. and Chinese presidents to discuss trade at the G20 summit the following week.

It’s not atypical for markets to wait to see results from meetings of this importance, says Macan Nia, senior investment strategist at Manulife Investments.

Investors are expecting the U.S. central bank to cut interest rates, but everyone will be watching for signals about its assessment of the slowing economy.

He said the market could be disappointed by just one cut. “It’s really a Goldilocks economy in the U.S. where it’s not too hot and not too cold so we’re all, as market participants, looking to the Fed and what they have to say in terms of gauging what to expect from them over the next couple of months.”

The S&P/TSX composite index gained 62.65 points to 16,301.91, the highest closing since May 27.

Seven of the 11 major sector climbed, led by industrials, financials and materials. Industrials was helped by CAE Inc. shares rising 2.4 per cent and financials led by TorontoDominion Bank.

Earlier, the Canadian Real Estate Association upgraded its forecast for 2019 home sales to an increase of 1.2 per cent, compared with its previous forecast of a decline of 1.6 per cent this year. The updated outlook came as CREA reported home sales in May were up 6.7 per cent compared with a year ago, the largest year-overyear increase since 2016. Materials continued to be helped by rising gold prices with the August gold contract up 80 cents at US$1,344.50 an ounce while the July copper contract was down 2.7 cents at US$2.63 a pound.

The energy sector was one of the three biggest losers on the day even though crude prices inched higher on geopolitical uncertainties in the Middle East following the targeting of two tankers near the strategic Strait of Hormuz. Iran denied the U.S. accusation that it had a role in the apparent attacks.