Latest from RobotFX: important news impacting currency trading.
The S&P/TSX Composite Index climbed nearly 1% on Thursday, trading just below the 36,000 mark as a jump in gold prices lifted mining shares. Gold rebounded as the recent surge in oil prices began to fade, easing upward pressure on bond yields. The shift followed reports that Saudi Arabia plans to restore about half of its East–West pipeline capacity within days and return it to full operation within six weeks. Shares of Agnico Eagle, Barrick, and Wheaton Precious Metals each advanced by roughly 2%.
The pause in the oil rally also bolstered credit‑sensitive sectors, as receding inflation pressures helped push bond yields lower. Canada’s major banks traded modestly higher, with CIBC and National Bank gaining around 0.5%.
Meanwhile, the US Federal Reserve raised its benchmark interest rate, and FOMC participants indicated in their Summary of Economic Projections that another hike may be appropriate before year-end. Fed Chair Kevin Warsh noted that inflation remains elevated, echoing data from last week showing that US core inflation for August rose more than expected.
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