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Eight analysts upgraded their target prices on two Canadian stocks in the past week, giving both more than 65% upside potential. Wedbush Securities analysts Gerald Pascarelli and Antoine Legault hiked their price target for the stock's U.S.-listed shares to $2.50, giving it an upside of 18%. Investment banks Beacon Securities and Alliance Global Partners are significantly more bullish on the stock, giving it upside of 110% and 75%, respectively. VerticleScope reported revenue of $17.9 million, compared to $16.6 million expected by analysts. However, analysts believe the worst is behind it, as all eight covering the stock raised their price targets after the company's earnings.
Persons: Gerald Pascarelli, Antoine Legault, Nick Anderson, MKM Roth, Anderson, Canaccord Genuity, Aravinda Galappatthige Organizations: CNBC, Cresco Labs, Wedbush Securities, Mar, Investment, Beacon Securities, Alliance Global Partners, Capital Markets, National Bank Financial Locations: Mar, U.S
Dollar gains before inflation data, bitcoin slips
  + stars: | 2024-01-09 | by ( ) www.cnbc.com   time to read: +3 min
The dollar rose against the euro and yen on Tuesday as traders awaited inflation data on Thursday for clues on when the Federal Reserve is likely to cut rates. But Fed expectations are likely to continue to drive dollar moves. The release on Thursday of the consumer price inflation report for December will be the main piece of economic data this week. If the data confirms that inflation is continuing to moderate it could boost expectations for a March rate cut, though if it comes in above expectations it could also reverse some of that pricing. The U.S. dollar index , which measures the greenback against a basket of six currencies, was last up 0.33% at 102.55.
Persons: Bipan Rai, Kamal Sharma, steepening, Sharma Organizations: Federal Reserve, Securities and Exchange, CIBC Capital Markets, Bank of America, Fed, U.S, Bank of Japan, Investment Locations: North American, Toronto, U.S, Asia, Bitcoin
Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. But Macklem also said "right now, it is not time to start thinking about cutting interest rates." Interest rate futures are pricing the first rate cut in March, earlier than the poll prediction. "Accompanying labour market weakness should put downward pressure on inflation and prompt the Bank of Canada to cut the policy rate around of the spring of 2024," they wrote. That was despite several government measures announced in the latest Fall Economic Statement to boost housing supply and help lenders dealing with homeowners at risk amid high interest rates.
Persons: Blair Gable, Macklem, It's, Avery Shenfeld, Robert Hogue, Sebastian Mintah, Mumal Rathore, Ross Finley, Tomasz Janowski Organizations: Bank of Canada, REUTERS, Reuters, BoC, U.S . Federal, Barclays, CIBC Capital Markets, of Canada, RBC, Desjardins, Moody's, Thomson Locations: Ottawa , Ontario, Canada, BENGALURU, stagnate
OTTAWA, Nov 30 (Reuters) - The Canadian economy unexpectedly contracted at an annualized rate of 1.1% in the third quarter, data showed on Thursday, avoiding a recession but showing growth stumbling ahead of next week's interest-rate decision. The economy avoided slipping into a technical recession - defined as two consecutive quarter-on-quarter contractions - because second-quarter GDP data was revised up to a 1.4% gain from an initial report of a 0.2% decline, Statistics Canada said. The BoC has remained on the sidelines since July after lifting its benchmark interest rate to a 22-year high of 5% to tame inflation. "The bottom line is that the economy is still sputtering along," said Royce Mendes, head of macro strategy at Desjardins Group. Real GDP most likely edged up 0.2% in October after a 0.1% gain in September, Statscan said.
Persons: Doug Porter, Royce Mendes, Bipan Rai, Statscan, Ismail Shakil, Steve Scherer, Dale Smith, Divya Rajagopal, Fergal Smith, Mark Porter Organizations: OTTAWA, Bank of Canada's, Statistics, BMO Capital Markets, Canadian, U.S ., BoC, Desjardins Group, Bank of Canada, Bank, CIBC Capital Markets, Thomson Locations: Canadian, Statistics Canada, North America, Ottawa, Toronto
[1/2] A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday hastened market expectations for how soon the Federal Reserve will cut rates. Such a move would weaken a major dollar support and could come as early as next year's first quarter. The yen - punished broadly this year by dollar strength - broke the 150 mark for the first time in nearly two weeks, gaining 0.69% to 149.68 to the dollar. Japanese authorities do not have specific exchange-rate levels in mind when deciding when to intervene in the currency market, Deputy Finance Minister Ryosei Akazawa told parliament on Friday.
Persons: Marcos Brindicci, Bipan Rai, Thierry Wizman, Wizman, Ryosei Akazawa, Lee Hardman, Robert Holzmann, Joachim Nagel, Christine Lagarde, Herbert Lash, Iain Withers, Rae Wee, Tom Westbrook, Alexander Smith, Matthew Lewis Organizations: REUTERS, Federal Reserve, CIBC Capital Markets, FX, Eurostat, European Central Bank, Thomson Locations: Buenos Aires, Argentina, North America, Toronto, United States, Macquarie, New York, Britain, London, Singapore
[1/2] A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday reset market expectations for how soon the Federal Reserve will cut rates and weighed on the dollar. The greenback is poised for its biggest weekly drop since July, down 1.6% over the past five days, and second-biggest decline this year. Data that showed U.S. single-family homebuilding increased marginally in October briefly supported the dollar, but with inflation the main market driver it remained lower on the day. The euro was up 0.17% at $1.0868 after Eurostat data confirmed year-on-year inflation in the euro zone slowed sharply in October.
Persons: Marcos Brindicci, Bipan Rai, Thierry Wizman, Wizman, Lee Hardman, Robert Holzmann, Joachim Nagel, Christine Lagarde, Herbert Lash, Iain Withers, Rae Wee, Tom Westbrook, Mark Potter, Kirsten Donovan Organizations: REUTERS, Federal Reserve, CIBC Capital Markets, FX, Eurostat, European Central Bank, Thomson Locations: Buenos Aires, Argentina, North America, Toronto, United States, Macquarie, New York, Britain, London, Singapore
Dollar rebounds, Fed officials take center stage
  + stars: | 2023-11-06 | by ( Karen Brettell | ) www.reuters.com   time to read: +4 min
Comments from other Fed officials will also be evaluated for signs on whether they expect further rate increases. “Next week’s CPI print is going to be the best adjudicator we have on whether or not the Fed needs to hike rates again,” said Rai. The dollar index was last up 0.13% on the day at 105.19 after earlier dropping to 104.84, the weakest since Sept. 20. The yen hit 151.74 per dollar last week, edging close to October 2022 lows that spurred several rounds of dollar-selling intervention by the Bank of Japan. The Australian dollar fell 0.34% to $0.6491, after earlier reaching a three-month high of $.6523.
Persons: Dado Ruvic, Jerome Powell, , Bipan Rai, Lisa Cook, , Rai, Dane Cekov, Cekov, Karen Brettell, Samuel Indyk, Jonathan Oatis, Aurora Ellis Organizations: REUTERS, U.S, Federal, CIBC Capital Markets, Market Committee, Fed, Bank of Japan, Reserve Bank of Australia, Thomson Locations: North American, Toronto, U.S, London
Dollar dips on growing bets Fed rate hikes are over
  + stars: | 2023-11-06 | by ( Karen Brettell | ) www.reuters.com   time to read: +3 min
Comments from other Fed officials will also be evaluated for signs on whether they expect further rate increases. “Next week’s CPI print is going to be the best adjudicator we have on whether or not the Fed needs to hike rates again,” said Rai. The dollar index was last down 0.03% on the day at 105.02 and got as low as 104.84, the weakest since Sept. 20. Cekov said the yen likely needs to be around the 155 per dollar area for Japanese authorities to consider intervention or to talk the currency up. The yen hit 151.74 per dollar last week, edging close to October 2022 lows that spurred several rounds of dollar-selling intervention by the Bank of Japan.
Persons: Dado Ruvic, Jerome Powell, , Bipan Rai, , Rai, Dane Cekov, Cekov, Sterling, Karen Brettell, Samuel Indyk, Jonathan Oatis Organizations: REUTERS, U.S, Federal, CIBC Capital Markets, Market Committee, Bank of Japan, Thomson Locations: North American, Toronto, U.S, London
[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Yet this has not translated into a similar boost to the dollar this week, which made only marginal gains while toying with the 150 level against the yen. This number marks the point at which many market participants believe Japan's Ministry of Finance (MOF) could step in to shore up the currency. Speculators have almost doubled their bullish dollar positions against other G10 currencies this month to the most in a year. Money markets show traders fully expect to see no change in rates at the Fed's next policy meeting.
Persons: Florence Lo, Jerome Powell, Jeremy Stretch, Stretch, Omori, POWELL, Powell, Ray Attrill, he's, Sterling, Carol Kong, Rae Wee, Kevin Buckland, Kim Coghill, Angus MacSwan, Gareth Jones Organizations: U.S, REUTERS, Federal, Treasury, Swiss, Japan's, of Finance, CIBC Capital Markets, Ministry, Finance, Mizuho Securities, National Australia Bank, Swiss National Bank, Commonwealth Bank of Australia, Thomson Locations: Treasuries, Japan, Tokyo, U.S, Asia, China, Singapore
[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Speculators have almost doubled their bullish dollar positions against other G10 currencies this month to the most in a year. This week's bond sell-off has raised the chances of a break of 150 in the currency. Money markets show traders fully expect to see no change in rates at the Fed's next policy meeting. The Swissie was last down against the dollar, which rose 0.2% to 0.8935 per dollar.
Persons: Florence Lo, Jerome Powell, Jeremy Stretch, Stretch, Omori, POWELL, Powell, Ray Attrill, he's, Sterling, Carol Kong, Rae Wee, Kevin Buckland, Shri Navaratnam, Kim Coghill, Angus MacSwan Organizations: U.S, REUTERS, Federal, Treasury, Swiss, Japan's, of Finance, CIBC Capital Markets, Ministry, Finance, Mizuho Securities, National Australia Bank, Commonwealth Bank of Australia, Thomson Locations: Treasuries, Japan, Tokyo, U.S, Asia, China, Singapore
Enter the Swiss franc, a longstanding safe haven asset that just hit its highest level against the euro since 2015 , standing tall as its traditional rivals lose appeal. Other than U.S. dollar cash, only the Swiss franc and gold remained as options, Ielpo said. The Swiss franc has rallied over 3% against the yen this month. Reuters GraphicsUNCERTAIN WORLDSince the Oct.7 Hamas attacks in Israel, the Swiss franc -- also referred to as the Swissie -- has rallied roughly 2% against the dollar. "The war in the Middle East clearly has lead to a flight to safety that benefited the Swiss franc," said Karsten Junius, an economist at J.Safra Sarasin in Zurich.
Persons: Morgan Stanley, Florian Ielpo, Ielpo, Jeremy Stretch, Karsten Junius, Francesco Pesole, J.Safra Sarassin's Junius, Luca Paolini, Paolini, Treasuries, Toby Gibb, Naomi Rovnick, Alun John, John Revill, Amanda Cooper, Dhara, Dhara Ranasinghe, Tomasz Janowski Organizations: Swiss, Nestle, Wall, Lombard, U.S, Swiss National Bank, Traders, Ministry of Finance, CIBC Capital Markets, Reuters, ING, Management, Artemis, Thomson Locations: ZURICH, Israel, Geneva, Japan, Zurich, Swiss, U.S, London
NEW YORK, Oct 12 (Reuters) - The dollar rose sharply on Thursday after U.S. consumer prices rose more than expected in September, lifted by an elevated cost of rent that raised the prospect of the Federal Reserve keeping interest rates high for some time. The consumer price index increased 0.4% last month, with a 0.6% jump in the cost of shelter accounting for more than half of the rise. The dollar rose more than 1% against sterling, and the Australian and New Zealand dollars. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, rose even though non-official sources show a decline in rental prices. Thursday's CPI release came after Wednesday's mixed report on U.S. producer prices, and minutes from the Fed's September meeting.
Persons: Douglas Porter, Bipan Rai, Thierry Wizman, Wizman, BoE, Wednesday's, Herbert Lash, Alun John, Ankur Banerjee, Emelia Sithole, Mark Potter, Jonathan Oatis Organizations: Federal Reserve, Labor, BMO Capital Markets, Reuters, New, CIBC Capital Markets, Fed, Bank of England, CPI, Swiss, Thomson Locations: Oakville, Canada, New Zealand, North America, Toronto, New York, London, Bengaluru, Singapore
Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Traders have been on watch for weeks for a possible intervention by Japanese officials to combat a sustained depreciation in the yen. "It could just be people expecting intervention and then reacting to what they believed to be intervention," said Asher. To support the Japanese currency, authorities need to tap Japan's foreign reserves of dollars to sell for yen. A senior Japanese ministry of finance official declined to comment on whether Japan had intervened in foreign exchange markets.
Persons: Florence Lo, Michael Brown, Brown, Colin Asher, Asher, Niels Christensen, Jeremy Stretch, Edward Moya, Stretch, Tuesday's, Chuck Mikolajczak, Samuel Indyk, Saqib Iqbal Ahmed, Gertrude Chavez, Dreyfuss, Dhara Ranasinghe, Lucy Raitano, Ira Iosebashvili, Megan Davies, Jonathan Oatis, Andrea Ricci, Hugh Lawson, Gareth Jones Organizations: U.S, REUTERS, Trader, Mizuho, Nordea, Bank of Japan, New York Federal Reserve, CIBC Capital Markets, Ministry, Finance, Seven, Japan, Thomson Locations: TOKYO, London, Copenhagen, Japan, U.S, Tokyo, Asia, New York, United States
[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The dollar fell as low as 147.30 yen versus the Japanese currency, after hitting a one-year high of 150.165. Tuesday's low in the dollar was its weakest level in three weeks versus the Japanese currency. The euro dropped to a roughly two-month low against the yen of 154.39 yen and was last down 0.7% to 155.99. That earlier drove the dollar higher as real interest rates factor in inflation.
Persons: Florence Lo, Shunichi Suzuki, Colin Asher, Sterling, Marc Chandler, Jeremy Stretch, JGB, Herbert Lash, Gertrude Chavez, Dreyfuss, Lucy Raitano, Joice Alves, Marguerita Choy, Sharon Singleton Organizations: U.S, REUTERS, Japan, Japanese Finance, New York Federal Reserve, Mizuho, Bannockburn Global, U.S . Labor, Labor, Survey, CIBC Capital Markets, UST, Federal Reserve, Reserve Bank of Australia's, Swiss, Thomson Locations: Japan, London, Bannockburn, New York
Dollar weakens against the yen after yen breaches key 150 level
  + stars: | 2023-10-03 | by ( ) www.cnbc.com   time to read: +3 min
The Japanese yen has fallen about 25% year-to-date against the greenback. The sharp move lower suggested the Bank of Japan had intervened in the market to keep the yen from falling further. "The continued uptrend in UST-JGB encouraged the 150 to be breach in the wake of the better-than-expected JOLTS data. The dollar slipped 0.51% against the yen to 149.08 after hitting 150.165 on the JOLTS report. The dollar index, which tracks the unit against six peers, was up 0.13% at 107.16, at its highest since November.
Persons: Michael Brown, Marc Chandler, Jeremy Stretch, JGB, Stretch, Shunichi Suzuki, Wei Liang Chang, Russia's rouble Organizations: greenback, The, Bank of Japan, New York Federal Reserve, Trader, Bannockburn Global, U.S, CIBC Capital Markets, UST, Finance, DBS, Strong U.S, Federal Reserve, Reserve Bank of Australia's, Swiss Locations: London, Bannockburn, New York, United States, Europe
[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The sharp move lower suggested the Bank of Japan had intervened in the market to keep the yen from falling further. "It has all the hallmarks of intervention in all honesty," said Michael Brown, market analyst at Trader X in London. "The continued uptrend in UST-JGB encouraged the 150 to be breach in the wake of the better-than-expected JOLTS data. The dollar slipped 0.51% against the yen to 149.08 after hitting 150.165 on the JOLTS report.
Persons: Florence Lo, Michael Brown, Marc Chandler, Jeremy Stretch, JGB, Stretch, Shunichi Suzuki, Wei Liang Chang, Russia's rouble, Herbert Lash, Brigid Riley, Alun John, Joice Alves, Kevin Buckland, Marguerita Choy, Sharon Singleton Organizations: U.S, REUTERS, Bank of Japan, New York Federal Reserve, Trader, Bannockburn Global, CIBC Capital Markets, UST, Finance, DBS, Strong U.S, Federal Reserve, Reserve Bank of Australia's, Swiss, Thomson Locations: London, Bannockburn, New York, United States, Europe, Tokyo
Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "It's the feeling that the U.S. economy can stomach higher interest rates for a little bit longer," said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto. "Implicitly it also means that the Fed might not be so quick to cut rates next year either," he said. The Japanese yen weakened 0.31% versus the greenback at 149.77, after falling to 149.90. Investors have been closely watching for signs of intervention in the Japanese currency by the Bank of Japan (BOJ).
Persons: Florence Lo, Kevin McCarthy, Bipan Rai, Edward Moya, Michelle Bowman, Shunichi Suzuki, Chuck Mikolajczak, Marguerita Choy, Alison Williams Organizations: U.S, REUTERS, Federal Reserve, Institute for Supply Management, Congress, Democratic, Republican, Treasury, CIBC Capital Markets, Investors, Bank of Japan, Fed, Bank of Japan's, Japan's Finance, Thomson Locations: U.S, North America, Toronto, New York
Two of the three core inflation measures also rose. The annual rate, the highest since the 4.4% reported in April, is double the Bank of Canada's 2% target. "Underlying inflation is still well above the level that would be consistent with achieving our target of 2% CPI inflation," she said. Money markets raised bets for a rate hike in October after the data, seeing a 42% chance of an increase after the price figures compared with 23% before. However, another inflation report and a bevy of other data are due out before the Canadian central bank next meets on Oct 25 to set the key overnight rate.
Persons: Derek Holt, Holt, Sharon Kozicki, Jimmy Jean, Justin Trudeau's, Andrew Grantham, David Ljunggren, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajogopal, Paul Simao, Mark Porter Organizations: Reuters, Statistics, Bank of Canada's, Scotiabank, Bank of, Bank of Canada, Canadian, Desjardins Group, CIBC Capital Markets, Tiff, Thomson Locations: OTTAWA, Statistics Canada, Canadian
REUTERS/Jennifer Gauthier/File Photo Acquire Licensing RightsOTTAWA, Aug 31 (Reuters) - Canada will change how it counts non-permanent residents, the main statistics agency said on Thursday, after an economist said the current methodology may have overlooked about a million foreign students, workers and others. Statistics Canada said it stood by its figures, but added that it will publish new, more detailed data on non-permanent residents next month using a revised methodology. Statscan's terminology for non-permanent residents covers people living in Canada with work or study permits and asylum seekers. Tal said Statscan's new approach would help to give a better sense of the actual numbers in the country. "A precondition for any policy in general, and housing policy in particular, is to know the size, the magnitude of the shortage," Tal said in a phone interview on Thursday.
Persons: Jennifer Gauthier, Benjamin Tal, Statscan, Tal, Ismail Shakil, Andrew Heavens Organizations: REUTERS, Rights OTTAWA, CIBC Capital, Statistics Canada, Thomson Locations: Vancouver , British Columbia, Canada, Ottawa
The Japanese yen also gained, after earlier falling to a 10-month low. The dollar briefly reached an almost 10-month high against the Japanese yen earlier on Tuesday, before dropping on the jobs data. The Bank of Japan remains an outlier among global central banks with its loose monetary policy, even as it slowly shifts away from yield curve control. “It is moving away from excessively loose monetary policy, but it’s doing so at a very slow and measured pace,” Rai said. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance to buy the yen and push the pair back to around 140 yen.
Persons: Dado Ruvic, Jerome Powell, Bipan Rai, ” Rai, “ It’s, Charu, Kazuo Ueda, Lee Hardman, Karen Brettell, Alun John, Sharon Singleton, Jonathan Oatis Organizations: REUTERS, U.S, Action Economics, Federal Reserve, CIBC Capital Markets, Bank of Japan, Ministry of Finance, Saxo, Jackson, European Central Bank, Thomson Locations: North American, Toronto, U.S, Japan, London
[1/2] Condominium and office towers are seen on the mountain-backed skyline of Vancouver, British Columbia, Canada September 30, 2020. The GDP report will be the last major piece of domestic data before the Canadian central bank makes its next policy decision on Sept. 6. The central bank has said it would study economic data closely before determining whether it raises interest rates further. The BoC has projected 1.5% growth for the third quarter, matching its second-quarter estimate. Some argue that the composition of growth in the second-quarter data, including the split between internal and external demand, could also be a consideration.
Persons: Jennifer Gauthier, Carlos Capistran, Bank of America Merrill Lynch, Benjamin Reitzes, we've, Stephen Brown, Andrew Grantham, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: REUTERS, Rights, Bank of Canada, BoC, Bank of America, BMO Capital Markets, Money, North, Capital Economics, CIBC Capital Markets, Thomson Locations: Vancouver , British Columbia, Canada, Canadian, Mexico, North America
NEW YORK, July 18 (Reuters) - The U.S. dollar rose from a 15-month low against a basket of currencies on Tuesday after core retail sales saw strong gains in June, as investors wait on the Federal Reserve’s interest rate decision next week. Headline U.S. retail sales rose less than expected in June, with a 0.2% increase during the month. Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.6% in June. Data for May was revised slightly up to show core retail sales increasing 0.3% instead of the previously reported 0.2%. The dollar rose 0.10% against the Japanese yen to 138.83, after dropping to 137.245 on Friday, the lowest since May 17.
Persons: , Bipan Rai, ” Rai, Klaas Knot, Samuel Indyk, Sharon Singleton, William Maclean Organizations: YORK, U.S, Headline U.S, CIBC Capital Markets, Bank of America, Norwegian krone, European Central Bank, Reserve Bank of Australia's, Thomson Locations: North American, Toronto, U.S, Britain, Japan, Norwegian, London
In June, the central bank raised its overnight rate to a 22-year high of 4.75% after a five-month pause, saying monetary policy was not restrictive enough. Data in the past month showed some signs of a slowdown - inflation cooling to 3.4%, a tepid May jobs report and a surprise trade deficit in May. "We expect the BoC to take the policy rate 25 basis points higher to 5%." Twenty of 24 economists surveyed by Reuters expect the bank to lift rates by another quarter-point and then hold well into 2024. Reporting by Steve Scherer, additional reporting by Fergal Smith; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.
Persons: Jay Zhao, Murray, Andrew Grantham, Steve Scherer, Fergal Smith, David Gregorio Our Organizations: OTTAWA, Bank of Canada, BoC, Monex, Reuters, CIBC Capital Markets, Thomson Locations: Canada
[1/3] A view shows placards as longshoremen with the International Longshore and Warehouse Union Canada (ILWU) strike outside the Port of Vancouver's Neptune Bulk Terminals in North Vancouver, British Columbia, Canada July 5, 2023. Some 7,500 dock workers went on strike on Saturday for higher wages, upending operations at two of Canada's three busiest ports, the Port of Vancouver and Port of Prince Rupert. Money markets expect the central bank to tighten further, possibly as soon as at a policy decision next Wednesday. The Canadian Manufacturers & Exporters (CM&E) industry body said the strike is disrupting C$500 million in trade every day. ($1 = 1.3360 Canadian dollars)Reporting by Fergal Smith, editing by Steve Scherer and Josie KaoOur Standards: The Thomson Reuters Trust Principles.
Persons: Chris Helgren, Port of Prince Rupert, Andrew Grantham, Seamus O'Regan, It's, Robert Kavcic, Fergal Smith, Steve Scherer, Josie Kao Organizations: Warehouse Union, REUTERS, TORONTO, Bank of Canada, BoC, CIBC Capital Markets, Bank of, Reuters, Twitter, Canadian Manufacturers, BMO Capital Markets, Thomson Locations: of, North Vancouver, British Columbia, Canada, Port of Vancouver, Port of, Bank of Canada
The economy shed a net 17,300 jobs in May, entirely in full-time work, while the jobless rate inched up to 5.2%, Statistics Canada said. Analysts surveyed by Reuters had forecast a net gain of 23,200 jobs and for the unemployment rate to edge up to 5.1% in May after staying at 5.0% since December. A series of surprisingly strong economic data and stubbornly high inflation led the Bank of Canada to raise its overnight rate to a 22-year high of 4.75% on Wednesday. "While this is an ugly set of jobs data, the labour force survey is notoriously volatile," said Royce Mendes, head of macro strategy at Desjardins Group. Reports on jobs, inflation and gross domestic product are due out ahead of the next policy announcement on July 12.
Persons: Andrew Grantham, Paul Beaudry, Beaudry, Royce Mendes, Ismail Shakil, Steve Scherer, Fergal Smith, Dale Smith, Susan Fenton, Nick Macfie, Jonathan Oatis Organizations: OTTAWA, Statistics, Reuters, Bank of Canada, Bank of, CIBC Capital Markets, Desjardins Group, Canadian, Thomson Locations: Canada, Statistics Canada, Bank of Canada, Ottawa, Toronto
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