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US Dollar Weakens Against The Loonie as Oil and Gold Prices Edge Lower

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The US dollar weakened against the loonie Thursday afternoon, as oil prices edged down despite the lack of a deal to reopen the Strait of Hormuz, while gold also fell.

The US dollar ticked 0.06% lower to C$1.3933 on last look.

West Texas Intermediate September futures fell 1.5% to $82.02 per barrel, while Brent crude futures for October delivery dropped 1.4% to $87.73 per barrel.

Comex gold for December delivery also fell. The precious metal edged down 1.2% to $4,413.70 per ounce.

The latest US producer price index data for final demand was unchanged in July (seasonally adjusted), as goods prices fell, the Bureau of Labour Statistics reported, reducing pressure on the Federal Reserve to raise interest rates next month.

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