12:30 PM GMT, Canada – June Labor Market Data:
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Employment Change: Current: 83.1K; Forecast: 0.9K; Previous: 8.8K
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Unemployment Rate: Current: 6.9%; Forecast: 7.1%; Previous: 7.0%
The Canadian dollar strengthened sharply against the U.S. dollar as the stronger-than-expected labor data increased the likelihood of a more hawkish stance from the Bank of Canada regarding its monetary policy.
The Canadian swap market now prices the probability of a rate cut by the Bank of Canada this month at 18%, down from 27% prior to the employment data release.
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