North American markets are slightly into positive territory as weakness in commodities is offset by strength in financials. Friday’s employment reports from both sides of the border were nothing short of blockbuster, with the US shedding just a fraction of the number of jobs expected to be lost while the unemployment rate ticked lower, and a whopping 79,000 positions were added in Canada . This sparked a decent bid under the US dollar on the anticipation of interest rate hikes next year, and a sell-off in gold and other commodities. This morning’s report out of Canada showed building permits climbed by an impressive 18%, causing the Loonie to climb even as the greenback strengthens against almost every other world currency. The TSX is up 3 pts. The Dow is up 27 pts.
The Canadian dollar is up half a cent to US$.9505, exactly where it stood Thursday before this bounce in the greenback and subsequent sell-off in commodities. Bond yields are climbing on the positive economic data, with the 5-year Canada up to 2.51% and the 10-year to 3.30%. Gold is down $25.80 to US$1143.70/oz. Oil is down a dollar to US$74.48/barrel.
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