Daily digest market movers: Canadian Dollar takes a dive as bad data sours risk-on chances
- Canadian Net Change in Employment in June sharply missed forecasts, printing at -1.4K MoM versus the previous 26.7K, far below the forecast of 22.5K.
- Canadian Unemployment Rate also ticked higher in June, rising to 6.4% from the previous 6.2%, running above the forecast for 6.3%.
- Canadian Average Hourly Wages rose 5.6% YoY in June, accelerating from the previous 5.2%.
- Canadian Ivey PMIs in June rose to 62.4 from the previous 59.1.
- US NFP net job gains handily beat forecasts, clocking in at 206K versus the forecast of 190K. However, the previous month’s figure was sharply revised lower to 218K from the initial print of 272K.
- US Average Hourly Earnings came in as expected, growing 3.9% YoY through June and cooling slightly from the previous 4.1%.
- With wage pressures easing and after-the-fact revisions chilling US NFP labor data, markets are again piling into bets of a September rate cut from the Federal Reserve (Fed). According to the CME’s FedWatch Tool, rate traders are pricing in nearly 80% odds of at least a quarter-point rate trim on September 18.
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