MONEY IN BRIEF
These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Friday. Quotations in Canadian funds. Australia dollar 0.9024 Brazil real 0.3239 China renminbi 0.1851 Euro 1.4543 Hong Kong dollar 0.1681 India rupee 0.01838 Indonesia rupiah 0.000093 Japan yen 0.01233 Malaysia ringgit 0.3151 Mexico peso 0.06735 N.Z. dollar 0.8474 Norway krone 0.1468 Peruvian new sol 0.3938
Russia rouble 0.02003
Saudi riyal 0.3513 Singapore dollar 0.9545
South Africa rand 0.08924
South Korean won 0.001106 Sweden krona 0.1369 Switzerland franc 1.3339 Taiwanese dollar 0.04221 Thailand baht 0.043 Turkey lira 0.2305 U.K. pound 1.6209 U.S. dollar 1.3174
Vietnam dong 0.000057
The markets today
Canada’s main stock index was weighed down Friday by weakening gold prices but the loonie climbed to its highest level in more than a month following a strong jobs report. The Canadian dollar traded at an average of 75.91 cents US, the highest level since July 30, and compared with an average of 75.60 cents US on Thursday, after Statistics Canada reported the economy added 81,100 jobs last month.
The dollar has gained nearly one cent since the Bank of Canada on Wednesday kept its overnight interest rate steady at 1.75 per cent.
That was reinforced by the jobs report that exceeded expectations.
The S&P/TSX composite index closed down 39.48 points at 16,535.33 on a broad-based decline led by materials as gold fell further from its six-year high. The sector decreased 2.3 per cent as shares in miners including Barrick Gold Corp. and Kinross Gold Corp. closed lower.
The December gold contract was down US$10 at US$1,515.50 an ounce and the December copper contract was down 0.8 of a cent at US$2.63 a pound.
Energy was one of seven major sectors on the TSX to lose ground. It decreased despite the price of crude oil rising on hope that a trade deal between the U.S. and China will salvage global demand.
The October crude contract was up 22 cents at US$56.52 per barrel and the October natural gas contract was up 6.1 cents at US$2.50 per mmBTU. Health care, financials, consumer staples and telecommunications closed higher.
In New York, the Dow Jones industrial average was up 69.31 points at 26,797.46. The S&P 500 index was up 2.71 points at 2,978.71, while the Nasdaq composite was down 13.76 points at 8,103.07.
The Dow and S&P 500 rose on expectations that weaker U.S. jobs numbers would reinforce the move for lower interest rates, added Headland. Federal Reserve chairman Jerome Powell gave no hint about the central bank’s rate plans but said in a speech in Zurich that it would “use our tools to support the economy, and that’s what we’ll continue to do.”
Powell added that he doesn’t foresee a recession.
“The most likely outlook is still moderate growth, a strong labour market and inflation continuing to move back up.”