Canadian Dollar Falls on U.S. Jobs Weakness, European Debt Crisis Concern
The Canadian dollar is the face fell to the U.S. dollar and most other major currencies on speculation the U.S. economic recovery will slow in the coming months amid increased concern from the European debt crisis can spread.
The Canadian dollar, also known as the loonie fell against 12 of its 16 most actively traded peers. It fell 0.4 percent against the dollar, with most of the fall coming yesterday after the U.S. added fewer jobs than expected in June and the unemployment rate rose. Another U.S. report, released yesterday by ADP Employer Services, has boosted optimism, pointing to U.S.companies have exceeded expectations hiring last month. Canada should view its fourth straight monthly trade deficit when the government issues it may report June 12
"The markets have been thrown a head fake by the number of ADP on Thursday," said Shane Enright, executive director of the Canadian Imperial Bank of Commerce, CIBC World Markets unit, by telephone from Toronto. Yesterday's report was "disappointing and when we get weak data outside the U.S., Canada always gets put in the same bag."
The Canadian currency weakened 0.4 percent to 96.27 cents per U.S. dollar yesterday in Toronto, from 95.85 cents on July 1. One Canadian dollar buys $ 1.0388.
Miss JobsThe increase in the wage bill in the U.S. following a 25,000 increase that was less than half the increase initially estimated, the Labour Department data showed yesterday in Washington. The median estimate in a Bloomberg News survey called for a gain of 105,000 in June The unemployment rate rose to 9.2 percent, the highest level this year.
"No matter how you cut it, the nonfarm payroll report was ugly," said David Tulk, chief macroeconomic strategist at Canada Toronto-Dominion Bank unit TD Securities in Toronto, in a note to clients."The best thing you can say about this report is that it is disappearing in the rearview mirror and with an economic upturn expected in the coming months, we should see a corresponding, albeit gradual, improvement employment.
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The government received bids of C$8.7 billion for the 2.75 percent securities maturing in September 2016, according to a statement on the Bank of Canada's website. Canada's government bonds have returned 2.7 percent this year, according to a Bank of
Canada's dollar and Mexico's peso tumbled on concern the nations' largest trading partner is faltering. The euro slid as regulators sought to contain debt turmoil with more stringent disclosure among lenders and after Italian bank stocks sank.
PNC Financial Services Group Inc., Pittsburgh, and Royal Bank of Canada announced that they have signed a defi nitive agreement for PNC to acquire RBC Bank (USA), the US retail banking subsidiary of Royal Bank of Canada, for $3.45 billion,
The bank may extend the pause “for a very long time” as mining investment slows amid concern President-elect Ollanta Humala's plan to introduce a mining windfall tax will make the industry less competitive, said Gustavo Rangel, an economist at ING
ING's online banking franchise ING Direct will remain active in large European markets, as well as Australia and Canada. ING said the sale of ING Direct USA will result in a net result of $700 million and free up $4.1 billion in capital,
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