Monday, January 26th1.3°C
24779
23669

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

23015


Recent Trending




Today's Market
S&P TSX14779.35+15.369
S&P CDNX678.18-0.79
DJIA17672.60-141.38
Nasdaq4757.879+7.481
S&P 5002051.82-11.33
CDN Dollar0.8027-0.0013
Gold1290.60-2.00
Oil46.35-2.34
Lumber311.50+6.50
Natural Gas2.862-0.124

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.38+0.06
Cantex0.035+0.005
Anavex Life Sciences0.1810.00
Metalex Ventures0.040.00
Russel Metals24.48+0.32
Copper Mountain Mining1.10-0.02
Colorado Resources0.155+0.005
ReliaBrand Inc0.006+0.001
Sunrise Resources Ltd0.055+0.03
Mission Ready Services0.22+0.02

 



23015

FEATURED Property
1997043142/144 Brookfield Road
8 bedrooms 6 baths
$698,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...


What do I pay ICBC for anyway?

If you have had ongoing dealings with ICBC as a result of a car accident than you have likely had the pleasure of dealing with at least two sides of ICBC. Initially the relationship starts off pleasan...

_



24709




Member of BC Press Council


24975