Futures Market News
Canadian dollar pushes toward fifth-straight weekly gain against dollar
Aug 10, 2012 03:08 PM
Canada's currency was headed toward a fifth consecutive week of gains on Friday against the world's reserve currency as hopes for growth and development would dwarf a surprisingly downcast jobs report for July in Canada, according to Bloomberg.
The Canadian dollar's performance during the past 35 days would mark the monetary unit's best since October 2010. Mark Carney, governor of the central bank of Canada, said earlier in the week that economic growth would influence an interest rate hike, which analysts and investors hoped would have a stronger impact than economic data stating employers in Canada slashed part-time payrolls by 30,400 in July.
"I don't think the market ever fully believed in the Bank of Canada's fairly hawkish tone, but it certainly dampens expectations for rate hikes in Canada," chief currency strategist Camilla Sutton with Scotiabank told Reuters.
July saw the nation's unemployment rate rise to 7.3 percent after having registered at 7.2 percent during the month prior, according to Statistics Canada.
The country's job losses in July came as a surprise but also were a third consecutive disappointing job report as the labor market is running into trouble gaining traction during the economic recovery, according to Reuters.
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