Caution is the watchword this morning, following the release of disappointing economic figures in China. Exports and imports were well-below analysts' expectations for November, and could spur the People's Bank of China to increase its support of the economy. Japanese numbers were not any more encouraging, with economic growth being revised downward for Q3.
The situation is quite different in the United States, where the economy is driving forward, with 321,000 jobs being created in November, and the unemployment rate coming in at 5.8%, the lowest level posted in the past six years. The S&P 500 and the Dow Jones Industrial Average finished Friday's session at record highs. As for the greenback, it is continuing its ascent. Since June 30, the U.S. Dollar Index (DX) has increased 12.1%.
Disappointing job data in Canada and the drop in crude prices are all weighing on the loonie, which is trading at its lowest level in 5 years. Crude Oil is continuing to fall this morning, and the futures market is pointing to a bearish opening on U.S. markets. Have a good day.
Emmanuel Tessier-Fleury
- Range of the day: 1.1395 - 1.1480