Tuesday, September 16th21.8°C
23373
22768

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

21196


Recent Trending




Today's Market
S&P TSX15547.23+64.671
S&P CDNX976.14-5.36
DJIA17147.91116.77
Nasdaq4555.953+37.05
S&P 5002000.40+16.27
CDN Dollar0.9111+0.0065
Gold1236.90+1.80
Oil94.87+1.95
Lumber349.00+1.00
Natural Gas4.064+0.067

 
Okanagan Companies
Pacific Safety0.175-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.290.00
Cantex0.06-0.01
Anavex Life Sciences0.250.00
Metalex Ventures0.06-0.005
Russel Metals36.09-0.08
Copper Mountain Mining2.68-0.02
Colorado Resources0.17+0.015
ReliaBrand Inc0.0279+0.0039
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29+0.025

 



21097

FEATURED Property
2073734602 1630 Pandosy Street
2 bedrooms 2 baths
$699,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_








Member of BC Press Council


22962