Lower jobless claims and a GDP that’s stable, gives markets a bit of a boost

By MoneyWay | May 27, 2021

Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 444,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks. This reinforces a what small businesses have been saying of a labour shortage, which is being blamed on the federal government’s safety net. This is the same story in Canada, now that provinces are reopening their economies, the service industry in particular is having difficulty finding staff as well.

Markets are generally in positive territories with base metals and agriculture commodities higher in particular, corn is up 5.5% today. The Canadian dollar is stronger to the USD marginally and continues to range trade between 1.2050-1.2135.

Expect the same range today.

                                Currently*          Close                     Range

USDCAD               1.2080                   1.2117                   1.2056-1.2141

EURCAD               1.4725                   1.4771                   1.4706-1.4794

GBPCAD               1.7121                   1.7107                   1.70

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