By MarketsFarm
WINNIPEG, June 10 (MarketsFarm) The Canadian dollar was weaker Friday morning, seeing a continuation of Thursday’s sharp drop relative to its United States counterpart as U.S. inflation hit its highest level in over 40 years.
At 8:42 a.m. CDT Friday morning the Canadian dollar was at US$0.7824 or C$1.2781 which compares with Thursday’s North American close of US$0.7909 or C$1.2644.
The U.S. consumer price index was up by 8.6 per cent on an annual basis in May, according to a report from the Bureau of Labor and Statistics. That marked the fastest rise since December 1981. Core inflation came in at 6.0 per cent, with both metrics beating trade expectations.
Canadian employment rose by 40,000 jobs in May, taking the country’s unemployment rate down 0.1 point to 5.1 per cent, according to a report from Statistics Canada.
Crude oil was softer in early trade, with West Texas Intermediate down by 0.49 per cent at US$120.92 per barrel.
The TSX was down by 229.18 points at 8:42 CDT to trade at 20,334.71 points.
