RTTN: Canadian Dollar Slumps To Multi-day Lows Against Majors
(RTTNews) - The Canadian dollar edged sharply down against its major opponents in early trading on Friday after a Statistics Canada report showed that Canadian employment declined by 45,000 in July.
The loonie plunged to a 15-day low of 1.5596 against the euro, 8-day low of 1.0866 versus the US dollar and a 4-day low of 87.75 against the yen around 7:40 am ET. The Canadian currency that closed yesterday's deals at 1.5464 against the euro, 88.62 versus the yen and 1.0779 against the buck is presently quoted at 1.556, 88.08 and 1.0838, respectively.
Economists were expecting employment to decline by only 15,000 jobs.
At the same time, the unemployment rate remained unchanged at an 11-year high of 8.6%, as fewer people participated in the labour market.
Across the boarder, the US Labor Department is slated to release the jobs report for July at 8.30 am ET. The non-farm payrolls report is expected to show an estimated 328,000 jobs lost in July and the unemployment rate is expected to tick up to 9.6 percent from its current 26-year high of 9.5 percent.
