FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

The CAD has fallen this morning after missing economist employment expectations. The Canadian economy lost 2200 jobs in the month of June versus the expected 10,000 gain. Notable gains were in full time private and public positions, while losses were in self-employed jobs. Ivey PMI data was also a miss at 52.4 versus 56.2. Oil is also weak adding to downward pressure on the loonie. The Bank of Canada will be meeting Wednesday.

Employment in the United States grew more than expected and is helping the USD gain. 224k non-farm jobs were created in June versus the expected 162k but the unemployment rate ticked up a slight 0.1 to 3.7%%. Average hourly earnings grew by less than expected at 0.2% versus 0.3%. The Federal Reserve will release their Monetary Policy report later in the day.

The Euro is weaker this morning as monthly German factory orders fell by 2.2%. Continued weakness in key economic regions will create a strong narrative for further monetary easing by the ECB.

Equities are down across the board this morning: the Dow down 0.76%, the S&P down 0.83%, NASDAQ down 0.71%, and the TSX down 0.71%.  Crude Oil is down 0.52% this morning (57.04) while Gold is also down 1.75% ($1,396.00).

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