Saturday, August 30th10.7°C
22817
21508

Loonie flat as employment report adds to positivity over U.S. economy

TORONTO - The Canadian dollar was barely changed Wednesday after further positive data emerged about the U.S. economy.

The loonie gained 0.03 of a cent at 90.62 cents US as attention focused mainly on an employment survey from ADP.

The payroll processer said that U.S. companies hired at a faster clip in March, adding an estimated 191,000 jobs in March.

The report was another positive sign for the jobs market ahead of Friday's U.S. non-farm payrolls figures and Statistics Canada's labour force survey for March.

Positive sentiment about the U.S. economy has been gaining traction this week after an improvement in the Institute for Supply Management's manufacturing index for March and a slight uptick in U.S. construction data on Tuesday.

Markets have been rising since U.S. Federal Reserve chief Janet Yellen indicated on Monday in a speech that the U.S. central bank will keep interest rates low. That countered remarks she made two weeks before that were seen as a signal the Fed might raise short-term rates by mid-2015 — earlier than generally expected.

Bank of Canada governor Stephen Poloz suggested last week that a cut to the central bank's short-term rates could not be ruled out despite a recent weakening of the loonie against the U.S. currency.

"This relative dovishness reinforces our view that the Canadian dollar likely has further to fall in the near-term, additionally supported by a weaker commodity price outlook," wrote TD Bank chief economist Craig Alexander in a note on Wednesday.

In commodities, crude continued to trade below US$100 per barrel. Oil for May delivery settled at US$99.62, down 12 cents.

The June gold contract gained $10.80 to close at $1,290.80 on the New York Mercantile Exchange.

Copper prices returned to more normal levels after a magnitude-8.2 earthquake off the coast of Chile — a major producer of the metal — sent prices soaring to their highest levels since early March. The May copper contract was up 1.1 cents at US$3.05 a pound.

The Canadian Press


Read more Business News

22710


Recent Trending




Today's Market
S&P TSX15625.73+67.561
S&P CDNX1023.991.62
DJIA17098.4518.88
Nasdaq4580.271+22.577
S&P 5002003.37+6.63
CDN Dollar0.9194+0.0003
Gold1281.70-2.1001
Oil95.84+1.29
Lumber349.60+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.48+0.09
Copper Mountain Mining2.93+0.02
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 





FEATURED Property
20260082-3300 Watt Road
3 bedrooms 3 baths
$2,395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22837