Friday, October 31st8.2°C
21625
22916

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




Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8919-0.0015
Gold1185.80-12.7999
Oil80.89-0.01
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 



22625

FEATURED Property
17054803177 - McLeod Road
4 bedrooms 3 baths
$384,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23741