Vegas
07-06-2007, 06:13 PM
http://www.reportonbusiness.com/servlet/story/RTGAM.20070706.wloonie0706/BNStory/robNews/
The Canadian dollar roared to its highest level in more than three decades Friday after a strong jobs report boosted the likelihood of higher interest rates.
The loonie climbed more than a full cent against its U.S. counterpart, topping the 95-cent (U.S.) mark, and was one of the strongest performers in the world Friday.
The currency rose after a report showed the economy created more than twice as many jobs as expected. The data landed just before Bank of Canada officials make their decision on interest rates on Tuesday.
“The report shores up expectations for a rate hike next Tuesday for any of those who had become weak kneed on the back of the softer data that had been dribbling in over the course of June,” said Stewart Hall, market strategist at HSBC Securities
The Canadian dollar roared to its highest level in more than three decades Friday after a strong jobs report boosted the likelihood of higher interest rates.
The loonie climbed more than a full cent against its U.S. counterpart, topping the 95-cent (U.S.) mark, and was one of the strongest performers in the world Friday.
The currency rose after a report showed the economy created more than twice as many jobs as expected. The data landed just before Bank of Canada officials make their decision on interest rates on Tuesday.
“The report shores up expectations for a rate hike next Tuesday for any of those who had become weak kneed on the back of the softer data that had been dribbling in over the course of June,” said Stewart Hall, market strategist at HSBC Securities