Thursday, April 17th6.4°C
17283
21086

Loonie down half a cent

The Canadian dollar dropped more than half a cent early Friday as stronger U.S. jobs numbers sent the greenback soaring, while numbers from Canada beat expectations, but not by much.

The loonie moved down 0.51 of a cent to 94.54 cents US before stock markets opened.

Statistics Canada said the official unemployment rate remained unchanged at 7.1 per cent last month as employers pulled back after a wild month of hiring in May.

The agency reported the economy shed a mere 400 jobs in June, a statistically insignificant number. It was also better than the 12,500 jobs economists had expected would be lost in the hangover from the hiring binge seen in May, when 95,000 new jobs were added.

Results from the U.S. left traders more encouraged.

The U.S. Labor Department said U.S. employers added 195,000 jobs in June and hiring was more robust in the two previous months than earlier estimated. Hiring for April and May was revised higher, which suggests job growth is accelerating.

BMO Capital Markets chief economist Doug Porter said in a note that Canada's unemployment rate finished the first half of the year where it started.

"Underlying job growth has clearly geared down, but has not collapsed and we expect it to remain mild in the second half, pointing to some modest improvement in the jobless rate," Porter said in a note.

"The combination of a wishy-washy Canadian employment report, and a solid U.S. report is a mild negative for the Canadian dollar, but we would stress good news for the U.S. economy is ultimately good news for Canada as well."

In commodities, the August crude contract on the New York Mercantile Exchange was ahead 87 cents at US$102.11 a barrel.

August gold bullion dropped $28.40 to US$1,223.50 an ounce on the Nymex.

The Canadian Press


Read more Business News

20304


Recent Trending




Today's Market
S&P TSX14446.52+142.60
S&P CDNX997.975.87
DJIA16424.85162.29
Nasdaq4086.225+52.064
S&P 5001862.31+19.33
CDN Dollar0.9090+0.0013
Gold1298.40-4.70
Oil103.67-0.09
Lumber326.50-2.30
Natural Gas4.551+0.021

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.05
Cantex0.045-0.005
Anavex Life Sciences0.375-0.005
Metalex Ventures0.0750.00
Russel Metals30.55+0.28
Copper Mountain Mining2.42+0.10
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


19984

FEATURED Property
1535355 #1208 2040 Springfield Road
2 bedrooms 2 baths
$329,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...

_



21604

21641


Member of BC Press Council


21188