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Canadian dollar plunges, stock markets rise

Posted on Aug 5, 2016 by in Scarborough | 0 comments

Canadian dollar plunges, stock markets rise

TORONTO — Canada’s dollar has fallen dramatically this morning following a pair of dismal reports from Statistics Canada.

The loonie started falling about 8:30 a.m. ET after Statistics Canada announced the country had a record trade deficit in June and the economy lost more than 31,000 jobs in July — primarily because of a drop in full-time employment.

As of 11:25 a.m. ET, the loonie was at 75.85 cents US — down 0.99 of a cent from Thursday’s close.

It had been down by more than a full cent earlier in the morning.

Stock markets, including the Toronto Stock Exchange, were up substantially in late morning trading.

The S&P/TSX composite index gained 105.97 points to 14,634.75.

In New York, the Dow Jones industrial average rose 150.22 points to 18,502.27, the S&P 500 composite index advanced 16.17 points to 2,180.420 and the Nasdaq composite rose 54.52 points to 5,220.77.

The September crude contract was down 72 cents at $41.21 per barrel and September natural gas was down 4.6 cents at US$2.79 per mmBTU.

The December gold contract fell $23.50 to $1,335.10 an ounce and September copper contracts fell 1.2 cents to US$2.16 a pound.

By The Canadian Press

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