While markets' attention was mostly focused on US jobs data for June, there was also release of the Canadian jobs data at the same time (1:30 pm BST). Data turned out to be a positive surprise as employment increased much more than expected. Total employment change for June came in at +60k, driven by an almost-110k increase in full-time jobs. On the other hand, unemployment rate jumped from 5.2 to 5.4% while market hoped for an increase to 5.3%
Canada, jobs market data for June
- Total employment change: +60k vs +21k expected (-17.3k previously)
- Full-time employment: +109.6k vs -32.7k previously
- Part-time employment: -49.8k vs +15.5k previously
- Unemployment rate: 5.4% vs 5.3% expected (5.2% previously)
CAD jumped following the release as strong jobs growth makes a 25 bp rate hike from Bank of Canada on Wednesday next week even more likely. Markets were already pricing in an around-60% of such a move prior to jobs data release.
CADJPY recovered part of earlier declines following strong jobs data from Canada. The pair is trying to stay above the 107.00 support zone. Source: xStation5
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