The Canadian dollar fell today after the report showed that number of unemployment claims in the US increased and on the speculation that the rally of commodities and stocks isn’t sustainable. The currency attempts to recover against the US dollar at present.
The number of claims for the unemployment benefits in the US rose from 410,000 to 445,000 last week. The report was rather depressing as the market participants expected decrease to 405,000. Together with the discouraging data from the previous week today’s report signal about poor conditions on the US jobs market.
The poor reports from the US tempered optimism for the global economic growth and weakened commodities and related currencies. The Thomson Reuters/Jefferies CRB Index of raw materials dropped for the first time in four days, declining 0.4 percent, and the Standard & Poorâs/TSX Composite Index slipped 0.2 percent.
USD/CAD traded near 0.9862 as of 17:42 GMT today after it opened at 0.9858 and jumped to 0.9908. EUR/CAD soared at 1.3184, jumping from the opening rate of 1.2945.
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