By Commodity News Service Canada
Winnipeg, August 15 – The Canadian dollar closed higher on Friday, amid the strong revised Canadian jobs data, analysts say.
At 3:40 CDT Friday, the loonie rose 0.12 of a cent to US$0.9184 or US$1 = C$1.0910 as Statistics Canada said that the economy added 42,000 positions last month. Earlier this week the agency had discovered an error in its jobs data, which was originally released last Friday, showing that only 200 jobs had been created in July.
The loonie’s rise came as traders generally sought safe havens amid a worsening in the standoff between Russia and Ukraine.
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Russian military vehicles reportedly crossed into Ukraine during the night and the Ukrainian president said that most of the force was quickly destroyed by his troops. Russia denied any incursion.
The yield on the benchmark 10-year U.S. Treasury fell to 2.343 per cent late in the afternoon Friday, down from 2.375 per cent earlier in the day. December gold bullion halved earlier losses, however gold was still down $9.50 to US$1,306.20 an ounce.
The loonie also advanced amid solid manufacturing numbers, as Statistics Canada reported that manufacturing sales rose 0.6 per cent in June to $52 billion, the fifth gain in six months. The gain stemmed from a three month increase in non-durable goods sales, led by chemical, petroleum and coal products as well as the food industries.
Canadian bonds ended higher across the yield curve on Friday, also due to the escalated tensions between Ukraine and Russia. Canada’s two-year bond yield was at 1.057 per cent on Friday, from 1.066 per cent Thursday. The 10-year bond yielded 2.021 per cent from 2.061 per cent.
