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The Canadian dollar fell to a fresh six-month low against the greenback on Friday, as US employers added workers at a faster pace in September and the unemployment rate fell to a six-year low.
The loonie, as the Canadian dollar is known, declined 0.71 percent to 0.8897 US. The loonie was trading near the intraday low, as the markets weighed the latest batches of US data. The Canadian dollar is pacing for a weekly decline of 0.7 percent, after having depreciated in value by 5.1 percent over the last three months.
The markets reacted sharply to the Labor Departmentâs employment report, which was released at 8:30 am EST. The US economy added 248,000 nonfarm payrolls in September, blowing past estimates calling for 215,000. Augustâs figure was revised upward to reflect growth of 180,000, following a disappointing advance estimate showing only 142,000.
The unemployment rate declined 0.2 percentage points to 5.9 percent, a new six-year low, and is now approaching the critical 5.5 percent level that many economists consider healthy.
Declining unemployment and a faster rate of job creation took the spotlight away from earnings growth, which stagnated in September. Average hourly earnings were unchanged, despite estimates calling for an increase of 0.2 percent. Year-on-year, earnings had grown only 2 percent.
A tighter labour market is all the...
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Forex » Canadian Dollar Recovers from 3-Month Low as...Posted Aug 6th, 2014 at 05:16 PM
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