FX.co ★ TSX Futures Edge Down on Lower Jobless Rate

On Friday, futures linked to the S&P/TSX Composite Index slightly declined as investors evaluated robust Canadian labor statistics that dampened expectations for further interest rate cuts by the Bank of Canada. The nation's unemployment rate surprisingly dropped to its lowest point in 16 months. However, this was largely due to part-time job growth, suggesting that the central bank might maintain its current policy stance. This decline occurs following strong earnings reports from major players like TD Bank, CIBC, and the Bank of Montreal, which had propelled the index to an all-time high in the previous session. In the commodities market, oil prices decreased, putting pressure on energy stocks, while gold prices strengthened, supported by a weaker U.S. dollar and ongoing speculation that the Federal Reserve will reduce rates in the coming week.