Canadian dollar rises to 10-day high as payroll earnings accelerate

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Canadian dollar rises to 10-day high as payroll earnings accelerate GlobeInvestor

This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar strengthened to a 10-day high against the greenback on Thursday as investors grew more optimistic on trade talks between the United States and China and after domestic data showed a pick up in employee earnings.

Canadian average weekly earnings rose by 2.7 per cent year-over-year in July after a 2.1 per cent gain in June, while the number of non-farm payroll employees increased by 75,400, data from Statistics Canada showed.Stronger-than-expected wholesale trade and payrolls data “should have forecasts for next week’s monthly GDP release moving up into positive territory and keeping Q3 tracking around the 2 per cent mark,” Royce Mendes, a senior economist at CIBC Capital Markets, said in a note.

Meanwhile, global stocks rose on Wednesday as Beijing said it in close communication with the United States and was preparing to make progress with their trade talks in October.

 

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