By Commodity News Service Canada
Winnipeg, August 12 – The Canadian dollar closed slightly lower on Tuesday, as Statistics Canada announced that a revised employment report for July will be released this Friday, analysts say.
At 3:45 CDT Tuesday, the loonie was down 0.02 of a cent to US$0.9156 or US$1 = C$1.0944, after a statement was released on the StatsCan website, indicating that an error had been detected in the employment data report and that it would launch a review of the data verification process.
Last Friday, StatsCan had reported that the economy created a meagre 200 jobs last month, nowhere near the 15,000 jobs that economists had expected.
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The loonie traded lower earlier in the sessions as the U.S. dollar gained against other currencies amid geopolitical concerns and falling German investor confidence.
The markets had a cautious tone as Ukraine announced that it would deny Russian aid mission entry because it had not been certified by the Red Cross and could potentially be a covert military operation. Ukraine insists that aid to the country must be delivered by the International Red Cross.
Germany’s ZEW indicator of confidence among professional investment analysts sagged to a 20-month low in August. The ZEW institute’s index fell to 8.6 from 27.1. Markets analysts had expected a fall to only 17.0.
StatsCan reporting an error in July jobs data also impacted Canadian bonds, pushing them sharply lower. Canada’s two-year bond yield is at 1.087 per cent on Tuesday, from 1.064 per cent late Monday. The ten year bond yielded 2.117 per cent from 2.073 per cent.
