FX.co ★ TSX Poised for Fresh Record High

The S&P/TSX Composite Index increased by approximately 0.3%, surpassing the 26,900 mark on Thursday, reaching a new record high. This surge was driven by robust performances in the technology and financial sectors, which outweighed declines among commodity producers. Leading corporations, including RBC, Shopify, Brookfield, Manulife, and Open Text, experienced gains ranging from 0.5% to 1.4%, mirroring the performance of their US counterparts. This positive movement followed encouraging signals from the US labor market, with June’s unexpected payroll increase of 147,000, compared to the forecast of 110,000, highlighting the American economy's strength. In Canada, Statistics Canada revealed that merchandise exports experienced a slight rise of 1.1% in May, while imports declined by 1.6%, thereby narrowing the trade deficit but offering limited alleviation to the lingering economic sluggishness. Additionally, discussions surrounding punitive US tariffs remain at an impasse, despite Vietnam securing a 20% agreement, sustaining pressure on Canadian resource exporters as the July 9th deadline approaches.