FX.co ★ TSX Edges Higher on Wednesday

On Wednesday, the S&P/TSX Composite Index fluctuated around the 27,050 mark as investors speculated that the US Federal Reserve might implement interest rate cuts later in the year. This forecast was bolstered by the latest US producer price index, which remained steady in June due to declining service costs balancing the modest increase in goods prices, heightening expectations of a more lenient monetary policy. The market witnessed mixed performances among commodity producers, while trade tensions continued to be a significant concern. Bullion producers like Agnico Eagle, Wheaton Precious Metals, and Barrick Gold performed notably well, with Agnico Eagle gaining over 1%. On the other hand, shares in the technology and energy sectors faced significant declines. Trade tensions were further exacerbated following President Trump's decision to impose a 19% tariff on Indonesian imports and his warnings of additional tariffs on smaller trading partners. This comes despite his indication of a willingness to renegotiate the proposed 30% tariffs on goods from Mexico and the European Union.