By Commodity News Service Canada
WINNIPEG, July 28 (CNS Canada) The Canadian dollar strengthened slightly against its US counterpart Thursday morning, supported by favourable Canadian data.
Average weekly earnings of nonfarm payroll employees in Canada rose 0.9 per cent in May from a year earlier, edging up 0.2 per cent from April, according to Statistics Canada.
Weekly earnings averaged C$956 in May with employees working about 32.8 hours a week, slightly down from April’s average of 33 hours a week.
The US Federal Reserve decided to keep interest rates as they are on Wednesday, but remained open to a possible increase in the coming months, also supporting the loonie.
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The US economy is growing at a moderate rate and near-term risks to its outlook have diminished, according to the Feds. Traders estimate there’s an 18 per cent chance of a rate hike in September and almost 40 per cent chance in September.
At 8:44 CDT Thursday, the Canadian dollar was at US$0.7590 or US$=C$1.3175, which compares with Wednesday’s North American close of US$0.7580 or US$1=C$1.3191.
The TSX was down 27.61 points, or 0.19 per cent, at 8:44 CDT Wednesday morning to sit at 14,518.93.
