Loonie jumps up by almost a cent

TORONTO, (March 5, 2004) — A disappointing report showing stagnancy in the U.S. economy propelled the loonie almost a full cent today.

The loonie jumped 0.76 of a cent to 75.78 cents US in trading, after the U.S. Labour Department reported that the American economy cranked out only 21,000 jobs last month, instead of the minimum of 125,000 that many economists had expected. The unemployment rate held steady at 5.6 per cent.

The jump in the value of the Canadian dollar comes at the end of a week where the Bank of Canada again used interest rates to boost the dollar and dampen demand for the loonie after last year’s 20 per cent jump. It was the second time this year the bank had cut rates by a quarter point.

— from Canadian Press

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