Futures Market News
Loonie climbs after strong April jobs report
May 11, 2012 11:38 AM
Calls for the Bank of Canada to increase interest rates grew louder as a result of the creation of 58,200 jobs last month, significantly more than the 10,000 that economists forecast, according to The Canadian Press. But the country's unemployment rate increased by 0.1 percentage point to settle at 7.2 percent.
"A strong jobs report continues to play into Canada as a good place to put your money on a relative basis and underscores the idea that the Bank of Canada is likely to maintain its bias for less accommodation," foreign exchange managing director Jack Spitz with National Bank of Canada in Toronto told Bloomberg. "Still, the global risk atmosphere is the primary driver in the currency."
The monetary unit had been hovering about its lowest value in three months against the dollar.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Insider Market Advisory FREE Trial
Information is power. Gain an edge with daily commodity futures market updates!
With your free trial membership, you’ll receive full access to trade analysis and recommendations for various markets, daily fundamental and technical market overviews, future price outlooks, and more!
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.