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Canadian Dollar Trades At Multi-day Lows Against Majors 25 days ago
(RTTNews) - The Canadian dollar tumbled to multi-day lows against the currencies of the US, Europe and Japan in early New York trading on Friday after the report showed that the Canadian employment situation took an unexpected turn for worse in October, pushing the unemployment rate to 8.6 percent. A steep slide in oil prices also dragged the loonie lower.
Following two months of moderate growth, Statistics Canada said today morning that employment decreased by 43,000 in October, all in part time. This drop pushed the unemployment rate up 0.2 percentage points to 8.6%. Economists expected the unemployment rate to remain at 8.4%.
Oil prices fell around 2.5 percent today after larger-than-expected October U.S. unemployment figures shook markets. U.S. crude for December delivery was down $1.82 to $77.8 per barrel in the session, retreating from $80.34 hit earlier in the day.
The Canadian dollar reached a 3-day low of 83.75 against the Japanese yen around 9:30 am ET, compared to yesterday's close of 85.21. The loonie has thus declined around 2.7 percent from Wednesday's weekly high of 86.05. A move below the 82.0 support may lead the loonie to its lowest level in nearly five weeks.
The Japanese leading index rose to 86.4 in September from 83.2 in August, a preliminary report from Cabinet Office showed today. The leading index improved for the seventh consecutive month and stood above the expected level of 86.2. At the same time, the coincident index stood at 92.5, up from 91.2 in August. The reading came in line with economists' expectations.
The Canadian dollar slumped to a 4-day low of 1.5971 against the European currency before leveling off around 7:00 am ET. This was down by more than 2 percent from Wednesday's 2-week high of 1.5646 and 0.8 percent from yesterday's close of 1.5844. A drop below the 1.601 support level may lead the domestic unit to its lowest in nearly 6 weeks.
In the euro area, the French trade deficit declined to EUR 1.75 billion in September from EUR 2.17 billion recorded in August, the Customs Office reported today. The expected shortfall was EUR 3 billion.
German industrial orders rose 0.9% month-on-month in September, the Federal Ministry of Economics and Technology said today. Economists had expected 1% rise. On an annual basis, factory orders were down 13.1%, slower than a 13.6% decline predicted.
The Canadian dollar slipped to a 3-day low of 1.076 against the US dollar around 8:50 am ET, compared to 1.0654 hit late New York Thursday. The domestic dollar edged slightly higher thereafter and is currently quoted at 1.0674.
Across the boarder, employment fell by more than expected in October with the continued decrease in jobs pushing the unemployment rate up to a new twenty-six year high of above 10 percent.
The US Labor Department report showed that non-farm payroll employment fell by 190,000 jobs in October following a revised decrease of 219,000 jobs in September. Economists had expected a decrease of about 175,000 jobs compared to the loss of 263,000 jobs originally reported for the previous month.
With the continued drop in jobs, the unemployment rate jumped to 10.2 percent in October from an unrevised 9.8 percent in September. The unemployment rate had been expected to show a more modest increase to 9.9 percent.
Meanwhile, the Commerce Department said wholesale inventories in September fell 0.9 percent following an unrevised 1.3 percent decrease in August. Economists had been expecting inventories to decrease by about 1.0 percent.
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