Economy

Canadian dollar posts 2-month high as jobs surge ‘seals’ October taper

Published

3 years ago

October 8, 2021

The Canadian dollar on Friday rose to its highest level in more than two months against the greenback as data showed Canada regaining all the jobs it lost since the start of the pandemic, supporting further cuts to Bank of Canada bond purchases.

The Canadian economy posted a monster gain of 157,100 jobs in September, almost three times the number expected, and the unemployment rate hit an 18-month low of 6.9%, Statistics Canada data indicated.

“While the headline print likely seals the deal for another taper from the Bank of Canada later this month, there’s still a ways to go to fully heal the labour market,” said Royce Mendes, a senior economist at CIBC Capital Markets.

“There was still slack to be absorbed given that the population has increased since early 2020.”

The Bank of Canada is due to make an interest rate decision and update its economic projections on Oct. 27.

The Canadian dollar was trading 0.5% higher at 1.2491 to the greenback, or 80.06 U.S. cents, after touching its strongest since Aug. 5 at 1.2488. The currency was on track to rise for a third week, with a gain of 1.2%

Gains for the loonie came as the U.S. dollar fell against a basket of major currencies. U.S. data showed that employment increased far less than expected in September amid a decline in government payrolls.

The price of oil, one of Canada‘s major exports, was buoyed by a global energy crunch that has helped gas prices to record highs and prompted China to demand increased coal production. U.S. crude prices were up 1.6% at $79.58 a barrel.

Canadian government bond yields were higher across the curve. The 10-year touched its highest since May 13 at 1.601% before dipping to 1.584%, up 1.6 basis points on the day.

(Reporting by Fergal Smith; Editing by Ken Ferris)

Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

1 day ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

2 days ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

3 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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