Wednesday, April 23rd12.7°C
20923
20972

Canadian dollar closes lower amid strong Canadian, U.S. jobs reports

TORONTO - The Canadian dollar closed lower Friday in the wake of strong employment data from Canada and the U.S.

The loonie was down 0.14 of a cent at 93.84 cents US as Statistics Canada reported that the economy created 21,600 jobs last month, almost double the 12,000 that economists had expected. The jobless rate held steady at 6.9 per cent for a third month.

The Canadian currency had initially tumbled as low as 93.39 cents US while the U.S. greenback advanced and bond yields ran ahead after the U.S. Labor Department reported that 203,000 jobs were created during November. Economists had expected a gain of around 180,000.

The benchmark 10-year U.S. Treasury moved up to 2.91 per cent in the wake of the report, but later backed off to 2.86 per cent by late afternoon.

The U.S. employment report left intact concerns over whether the Federal Reserve will start to cut back on a key stimulus measure sooner than expected.

Markets are braced for the Fed to cut back on its US$85 billion of monthly bond purchases but hopes have been high that the Fed wouldn't move until at least March, when incoming chair Janet Yellen is settled in the job and the central bank would be more confident about steady improvement.

But a string of positive data have raised concerns that the central bank could act as soon its next meeting, Dec. 18.

On the commodity markets, the January crude contract on the New York Mercantile Exchange slipped gained 27 cents to US$97.65 a barrel.

March copper gained two cents to US$3.25 while February bullion faded $2.90 to US$1,229 an ounce.

Elsewhere on the economic front, Germany’s central bank lifted its growth forecast for the country’s economy this year and next, pointing to healthy domestic demand as unemployment remains low.

The Bundesbank predicts that the economy, Europe’s biggest, will grow by 0.5 per cent this year and 1.7 per cent in 2014.

The Canadian Press


Read more Business News

20880


Recent Trending




Today's Market
S&P TSX14533.39-22.58
S&P CDNX1010.986.10
DJIA16501.65-12.72
Nasdaq4126.967-34.491
S&P 5001875.39-4.16
CDN Dollar0.90650.00
Gold1284.60+0.40
Oil102.15-2.22
Lumber331.60-3.70
Natural Gas4.737+0.007

 
Okanagan Companies
Pacific Safety0.115+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.22+0.01
Cantex0.05+0.005
Anavex Life Sciences0.38-0.005
Metalex Ventures0.080.00
Russel Metals31.30+0.13
Copper Mountain Mining2.33-0.05
Colorado Resources0.27+0.01
ReliaBrand Inc0.11+0.03
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.250.00

 





FEATURED Property
1774467Tower Ranch Golf Course Living
$534,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


On living and dying

Our ability to live beyond our years has nothing to do with medical science; we will all live longer than our physical bodies, each of us will leave behind a personal legacy made up of our deeds, our ...


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...

_








Member of BC Press Council