Tuesday, September 30th13.4°C
23366
23502

Loonie closes slightly lower before jobs data provides glimpse into economy

TORONTO - The Canadian dollar held relatively steady on Thursday ahead of employment numbers that will provide a glimpse at the state of the U.S. and Canadian economies.

The loonie ended the day 0.03 of a cent lower at 90.59 before the key employment data is released early Friday.

Both countries are expected to show modest increases helped by calmer winter weather in March, but questions remain over whether Canadian jobs market growth is stagnant.

"In our analysis of recent trends, we find that Canada’s labour market is still on a better footing than the U.S. market," said Mark Chandler, head of Canadian FIC Strategy at RBC Dominion Securities, in a note.

"Its overall performance is not too different from previous cycles and — while a modest degree of slack is present — it is not considerably different from the overall level of slack for the economy as a whole.

Economists expect that the latest American job creation figures will show that businesses started hiring more workers in March as the bad winter weather subsided. Consensus expectations suggest that around 195,000 new positions were created, which would be a steady improvement from recent months.

In Canada, analysts expect about 25,000 jobs were added last month, which would be an improvement over the decline of 7,000 in February.

On Thursday, the Institute for Supply Management's non-manufacturing index rose helped by growth in the service sector, while data from the U.S. Labor Department indicated that hiring remains stable, close to levels seen before the recession.

Meanwhile, Statistics Canada reported the country had a small trade surplus of $290 million in February, compared to a deficit of $337 million in January. Merchandise exports grew 3.6 per cent, while imports were up 2.1 per cent in February, it said.

In commodities, June bullion dropped $6.20 to US$1,284.60 an ounce, as investors moved away from the precious metal on signs of further growth in the U.S. economy.

The price of oil closed above US$100 a barrel with the May contract for light crude up 67 cents at US$100.29. May copper dipped 1.9 cents at US$3.027 a pound.

The European Central Bank announced it would keep its key policy rate unchanged, saying that despite evidence the economy of the 18-country eurozone is weak and inflation is going down, interest rates will remain at 0.25 per cent.

The Canadian Press


Read more Business News

23500


Recent Trending




Today's Market
S&P TSX14960.51-16.41
S&P CDNX909.29-3.47
DJIA17042.90-28.32
Nasdaq4493.39-12.462
S&P 5001972.29-5.51
CDN Dollar0.8930-0.0029
Gold1209.20-9.6001
Oil89.94-2.84
Lumber333.50+4.60
Natural Gas4.124-0.03

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.26+0.03
Cantex0.065-0.025
Anavex Life Sciences0.184-0.001
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.42-0.10
Colorado Resources0.165+0.015
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 





FEATURED Property
2023895Immaculate Home in popular Rose Valley new Mar Jok and Rose Valley schools!
$419,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_





23499


Member of BC Press Council


22620