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The Day Ahead: Top 3 Things to Watch

Published 11/02/2017, 04:59 PM
Updated 11/02/2017, 04:59 PM
© Reuters.  What to watch out for in tomorrow's session

© Reuters. What to watch out for in tomorrow's session

Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow

It’s 'Jobs Friday'

Nonfarm payrolls data, arguably one of the most important economic events of the month, is expected to show the US economy created 310,000 jobs in October.

Economists forecast the jobless rate to remain steady at 4.2% while average hourly earnings is expected fall to 0.2% from 0.5% in September.

Investors will assess the nonfarm payrolls report for clues about the strength of the economy which could provide fresh direction for the dollar, U.S. 10-Year, and gold, as labor market conditions are one the measures the Federal Reserve considers in its monetary policy decisions.

The Federal Reserve said Wednesday that the labor market remained strong while economic growth was solid despite hurricane-related disasters.

Canada labour market report in focus

Canadian labor market data for the month of October due Friday will be closely watched by investors after data earlier this week showed economic growth unexpectedly slowed in August following the Bank of Canada’s decision to raise rates twice so far this year.

The Canadian economy is expected to have created 15,000 jobs in October while the unemployment rate is expected to remain at 6.2%.

During its most recent policy meeting, the Bank of Canada stood pat on interest rates while BoC Governor Poloz said a “lot of things” have to come together before the the central bank raises rates.

USD/CAD traded at $1.2809.

Baker Hughes rig count

The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand, after the number of active drilling rigs rose last week.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

At Thursday’s settlement price, crude futures rose 24 cents to settle at $54.54, amid data showing Opec and non-Opec producers continued to curb oil output.

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