Canadian Currency Falls Versus U.S. Before Unemployment Report

Canada’s currency fell against its U.S. counterpart for the first time in six days as slower growth in China damped investor optimism that the nation’s employment market added jobs last month.

“Its kind of a wash with all the other commodity currencies with the weak China data overnight,” Darcy Browne, managing director of capital markets trading at Canadian Imperial Bank of Commerce in Toronto, said in a telephone interview.

Canada’s dollar, nicknamed the loonie, fell 0.3 percent to 99.41 cents per U.S. dollar at 7:55 a.m. in Toronto. It was the biggest decline in more than two weeks. One Canadian dollar buys $1.00594.

China’s exports increased 1 percent from a year earlier, the customs bureau said today in Beijing, after an 11.3 percent rise in June. New local-currency lending was 540.1 billion yuan ($85 billion), the central bank said, lower than all 30 estimates in a Bloomberg News survey, compared with 919.8 billion yuan in June.

Employment rose by 6,000 positions in July, Statistics Canada is forecast to report today in Ottawa, and the jobless rate was probably steady at 7.2 percent.

To contact the reporters on this story: Lindsey Rupp in New York at lrupp2@bloomberg.net;

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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