It’s not true – the Toronto Star did not hire an extra +35k employee to follow their beleaguered Mayor. Canada posted an eye-popping, decade best, +95k new jobs in May. To understand somewhat the significance of the print – by superimposing it on its largest trading partners economy, the US, that’s the equivalent of nearly +1-million new jobs being created down south. In contrast, the US managed to edge market expectations by a whisker, printing+175k new jobs in May.
Both countries unemployment rates are heading in opposite direction. Canada has managed to shave 2/10th off theirs, to report a +7.1% unemployment rate, while the US adds a 1/0th to up theirs to +7.6%. However, buyer loonie beware. This Canadian jobs report should be taken with a grain of salt, as one employment report does not completely change a trend.
Least we forget, in March Canada’s commodity, interest rate sensitive sister country down-under, Australia happened to release a similarly strong report (+71.5k), allowing the AUD to scream higher to only quickly reverse both the currency and job gains the next month. Fundamentals aside, a large percentage of speculators are short the CAD at higher levels and this markets swift move, especially the EUR/CAD will keep the commodity favored currency bid in the short term.
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Week In FX Americas: Canada Bests US Jobs By A Country Mile
Published 06/09/2013, 06:12 AM
Updated 07/09/2023, 06:31 AM
Week In FX Americas: Canada Bests US Jobs By A Country Mile
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