US stocks and oil slipped as Donald Trump threatened not to sign a long-awaited stimulus bill into law. The market sentiment had been already fragile, and Trump’s comments worsened it even more.
Will the Canadian jobs data surprise the market?
The Canadian employment change and the unemployment rate will be announced at 15:30 MT on November 8.The change in the employment dynamic is an important indicator reflecting the health of the country economy. The better the condition of the real economy sector, the more jobs are created to expand production plans and foster the existing pace of development. Consequently, the more people land jobs, the less the unemployment rate and higher wage packets. The October 11 release showed better than expected data which led to CAD appreciation against USD on the day of the announcement. We will see on November 8 if the trend maintains the same or not.
- If the jobs data is better, the CAD will rise.
- If the jobs data is worse, the CAD will fall.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.