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NBC Daily Forex : September 09, 2013

ByThe National Bank of Canada
Published 09/10/2013, 07:06 AM
Updated 05/14/2017, 06:45 AM

The Canadian employment figures released on Friday surprised many with 59,200 jobs created in August. The unemployment rate also improved, from 7.2% to 7.1%.

The news was not as rosy south of the border. Thought the U.S. unemployment rate also dropped by 0.1% to 7.3%; new jobs for July were revised downwards by 60,000, with 169,000 jobs created in August, 11,000 below forecast. These employment figures allowed the loonie to gain 1% during Friday's session.

Last night, we learned that Chinese exports performed better than expected, with an annual growth rate of 7.2%, nearly 2% more than forecast. These positive results appeared to soothe emerging markets, which have been struggling recently.

Today, we are keeping an eye on the U.S. Congress, which is expected to soon make a decision on a possible intervention in Syria. In Canada, Building Permits figures for July will be released this morning. Economists are forecasting a 3.5% increase for this period. Wishing you a great week! Philippe Shebib

Range of the day: 1.0325-1.0415

Building permits in July

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