Daily digest market movers: Canadian Dollar flatlines on mixed labor
- Canada’s Net Change in Employment contracted in July, printing -2.8K versus the expected upswing to 22.5K from the previous month’s -1.4K.
- The Canadian Unemployment Rate held steady at 6.4% in July, averting the forecasted uptick to 6.5%.
- Canadian economic data remains thin next week, leaving USD/CAD traders to focus squarely on upcoming US inflation prints.
- US PPI and CPI inflation are broadly expected to tick lower as markets lean into Federal Reserve (Fed) rate cut hopes.
- Rate markets are pricing in better-than-even odds that Fed will kick off a rate cutting cycle with a 50-basis-point double cut in September.
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