Great news from Canada: a gain of 58.9K jobs in May. The unemployment rate remained unchanged at 6.8% but this came on top of a rise of the participation rate to 65.9%.
USD/CAD is trading around 1.2480 – there is little change and that is due to the excellent jobs report in the US.
More figures: 30.9K full time jobs were added and 27.9K part time jobs were added. This is good balance. The report often consists of different trends in full and part time positions.
Canada was expected to report a gain of 10K jobs in May after a disappointing loss of 19.7K positions in April. The unemployment rate was predicted to remain unchanged at 6.8%. The participation rate carried estimations for remaining unchanged at 65.8%. Labor productivity carried predictions for a rise of 0.2%.
USD/CAD was swirling around 1.25 towards the simultaneous release of employment reports in both the US and Canada.
The loonie had an erratic week, trying to recover but meeting obstacles in various places.
In this week’s podcast, we explain why EUR rallied on Draghi, what’s next, discuss oil and gas, run through the Plus500 story and preview next week’s events.
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