Futures Market News
Loonie, crude oil futures rise in value
Mar 09, 2012 03:16 PM
The value of Canada's monetary unit bounced back from losses against its southerly rival early during Friday's trade session, propelled by strong employment data from last month in the U.S., according to the Canadian Press.
But February in Canada was a different story. Though economists had forecast the globe's tenth largest economic system to creat roughly 15,000 jobs last month, instead about 2,800 were lost, Statistics Canada said. One chief economist said development has proven to be one significant challenge.
"The main message is that the domestic economy is now clearly struggling to post meaningful growth," deputy chief economist Doug Porter with BMO Capital Markets told the news service. "The report has taken a bit of the recent shine off the loonie and will likely temporarily damp down talk of the Bank of Canada soon shifting to a tighter stance."
Shifting south, the U.S. created about 227,000 jobs in the U.S. last month, the third-straight month of gains, according to Bloomberg. The U.S. Labor Department said December of last year and this past January respectively saw 20,000 and 40,000 more jobs created than were forecast.
The performance was helped by a third consecutive session of gains for crude oil futures, the top commodity in natural-resources-rich Canada.
At 2:57 p.m. on Friday, crude oil futures increased 0.25 percent, a 31.5 cent lift to $125.75 per barrel.
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