This morning’s numbers on both sides of the 49th parallel were exact opposites, Canada was to suppose have higher job numbers and lower unemployment rate, and the U.S. was to have lower job numbers and a higher unemployment rate. As a result, both central banks are now having to revise their forecasts as to where their respective economies are going. In the U.S. analysts were calling for as much as a half percent rate cut this month with further cuts for the rest of the year, meanwhile the Bank of Canada had intimated that it was inclined to leave rates alone or even one possible hike was in the cards. Based on today’s data this is definitely going to put things on hold with the BoC being forced to cut rates in the near future.
Currently Close Range
USDCAD 1.3105 1.3053 1.3045-1.3137
EURCAD 1.4696 1.4728 1.4696-1.4750
GBPCAD 1.6397 1.6418 1.6376-1.6445
Prior Actual
CA: Employment June 27.7K -2.2K
Unemployment Rate 5.4% 5.5%
US: Employment Situation June
Nonfarm payrolls 72K 224K
Unemployment Rate 3.6% 3.7%
Private Payrolls 83K 191K
Mnfg Payrolls 3K 17K
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