Thursday, September 3rd15.9°C
27106
27125

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

26873


Recent Trending




Today's Market
S&P TSX13596.41+51.16
S&P CDNX553.75+3.70
DJIA16374.76+23.38
Nasdaq4733.50-16.48
S&P 5001951.13+2.27
CDN Dollar0.7565-0.0013
Gold1123.40-0.30
Oil46.59-0.16
Lumber233.30-0.70
Natural Gas2.71-0.01

 
Okanagan Companies
Pacific Safety0.22+0.00
Knighthawk0.010.00
QHR Technologies Inc1.24+0.05
Cantex0.04-0.01
Anavex Life Sciences1.11-0.14
Metalex Ventures0.05-0.00
Russel Metals21.09+0.22
Copper Mountain Mining0.60-0.01
Colorado Resources0.075-0.010
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp2.50-0.12

 



26480

FEATURED Property
21485054310 Hazell Road,
6 bedrooms 5 baths
$699,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Where does the money go?

Photo: Thinkstock.comOne of the major components of business relationships that involve money are the fees in the investment industry. There is currently a quiet battle being waged between the practit...


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...

_








Member of BC Press Council


26708