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