TORONTO — The Canadian dollar was lower Friday amid a much worse than expected reading on U.S. employment data and falling oil prices. The loonie was well off the lows of the session but still down 0.37 of a cent to 102.13 cents US after the U.S. Labour Department reported that the economy only created 54,000 jobs during May. The jobless rate edged up 0.1 of a percentage point to 9.1 per cent. Much of the bad news had been priced in two days ago after the ADP payrolls firm said that private employers in the U.S. only added 38,000 jobs during the month, much less than the 175,000 expected. Equity markets registered triple digit losses, the loonie lost 3/4 of a US cent and many traders dramatically dropped their expectations for May employment growth. The currency was also depressed with oil prices which fell back amid concerns that a weaker U.S. economy means weaker demand. The July contract on the New York Mercantile Exchange lost 73 cents to US$99.67 a barrel. Base metal prices were higher with the July copper contract up four cents at $4.13 a pound. Precious metal prices took off following the jobs data with the August bullion contract up $6.40 to US$1,538.40 an ounce. The European debt crisis was also on the minds of traders. The Greek Finance Ministry said Friday that negotiations with the European Union, European Central Bank and International Monetary Fund over the debt-ridden country’s finances have concluded "positively." The so-called troika is wrapping up a review of Greece’s implementation of economic reforms. That will be crucial toward determining whether Greece will receive a fifth tranche, worth euro12 billion, of bailout loans agreed last year. Greece has so far received euro53 billion from its rescue deal in May 2010.

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