Canadian employment was surprisingly strong in September, adding 53,700 jobs to pull down the unemployment rate by 0.2 percentage points to 5.5 percent, just a tick above May’s record low. In contrast to August, the monthly jobs gain was led by full time positions, which surged by 70,000, partly offset by a decrease of 16,300 in part-time jobs.
The Brexit negotiations have taken a step forward with detailed talks set to begin for the first time since Boris Johnson became U.K. prime minister. The pound and U.K. bank stocks surged.
Wall Street rose for the third straight session on Friday, as investors expected top-level trade talks between the United States and China to result in a partial trade deal and delay planned U.S. tariff increases. President Donald Trump said the trade negotiations were going well, and he would meet Chinese Vice Premier Liu He later in the day. The top-level discussions enter their second day on Friday.
The Canadian dollar rallied against the USD on the prospect of all this positive news, hopefully on both sides of the pond these negotiations will stick, if not markets will not only drop back, but they could fall to levels lower than they were.