© Reuters. Broadly stronger greenback climbs against loonie
Investing.com – The U.S. dollar rose to a nearly two-week high against its Canadian counterpart on Monday, as Friday’s upbeat U.S. employment report continued to lend support to the greenback, while declining oil prices weighed on the commodity-related Canadian currency.
was up 0.29% at 1.2464 by 09:30 a.m. ET (13:30 GMT), the highest since January 23.
The greenback remained supported after the U.S. Department of Labor reported on Friday that the economy added in January, beating expectations for a 184,000 gain. The unemployment rate remained unchanged at this month, in line with expectations.
The report also showed that average hourly earnings rose in January, as expected.
The strong wage growth data fueled inflation expectations, and underlined the case for the Federal Reserve to raise interest rates at a faster pace this year.
Meanwhile, the Canadian dollar was pressured lower by declining in on Monday, amid fresh concerns over U.S. crude production levels.
The loonie was little changed against the euro, with at 1.5480.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Dollar Edges Back as Hopes for Trade Deal Rise - February 18, 2019
- Forex – Yuan Gains, U.S. Dollar Slips on Trade Deal Prospects - February 18, 2019
- Dollar eases as trade deal prospects bolster risk, sterling gains - February 18, 2019