By MarketsFarm
WINNIPEG, Feb. 7 (MarketsFarm) The Canadian dollar was slightly lower on Friday, as prolonged concerns of China’s coronavirus weighed on global oil demand and overshadowed positive job data from Statistics Canada.
At 9:00 CST, the Canadian dollar was at US$0.7513 or C$1.3310, which compares with Thursday’s North American close of US$0.7524 or C$1.3289.
Statistics Canada reported that the Canadian economy added 34,500 jobs to the economy in January, bringing the unemployment rate to 5.5 per cent. Stock indexes remained largely on the defensive, as concerns of the economic impact of China’s coronavirus linger. More than 600 people have died from the disease.
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The TSX was lower at 9:00 CST, down by 53.82 points at 17,698.81. The S&P 500 Index was up 11.09 points to hit 3,345.78. The Dow Jones gained 88.92 points at 29,379.77. The NASDAQ also increased, up 63.47 to hit 9,572.15.
Benchmark oil prices were lower on Friday, following reports that Russia “will need more time” before committing to cuts set by OPEC and its allies. The cuts are in the wake of falling demand due to the coronavirus. Brent crude was down 65 cents at US$54.74 per barrel, and West Texas Intermediate (WTI) was down by 85 cents to hit US$50.24 per barrel.
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