By Commodity News Service Canada
WINNIPEG, Sept. 5 The Canadian dollar was slightly weaker Friday morning, as the currency reacted to the latest monthly employment data.
At 9:03 CDT Friday morning the Canadian dollar was at US$0.9188 or C$1.0884 which compares with Thursday’s North American close of US$0.9196, or C$1.0874.
The Canadian economy lost a net 11,000 jobs in August, reported Statistics Canada. Average pre-report expectations had been for net jobs growth of 10,000 jobs on the month, and the unexpectedly soft employment data was taken as a sign that the Bank of Canada would not need to increase interest rates anytime soon.
Canada’s unemployment rate held steady at 7.0%, according to StatsCan.
Monthly US jobs data also failed to live up to expectations, which contributed to the generally weaker tone in the Canadian currency as the two countries are major trading partners.
Gold and crude oil were also slightly weaker Friday morning.
The TSX was holding steady in early activity, up only 3.18 points at 9:03 CDT to sit at 15,579.97.
