Last Friday, U.S. jobs figures came in well above expectations, with 195,000 jobs created versus a projected 165,000. On the strength of this news, investors once again decided it's a safe bet that the Fed will scale back its quantitative easing program this year. This prognosis propelled the greenback to its highest level against the Canadian dollar since October 2011. However, when the quality of the jobs created is examined, they fall short of what could optimally be hoped for from a recovery, as it appears that the number of temporary employees has increased by 50% in the past 4 years. Some 2.7 million American workers now have temporary positions, the highest level since 1990.
Closer to home, a train carrying crude oil exploded in Lac Mégantic, Quebec, creating headlines around the world, as pundits debate the best way to transport petroleum products.
This week should be slightly less volatile than recent sessions, given the relatively lean economic publication calendar. The loonie should mirror U.S. equities in its movements, as numerous companies south of the border are scheduled to announce second quarter results this week. Back in Canada, Building Permits will be announced at 8:30. Wishing you a great day. Gardy Pharel
Range of the day: 1.0520 -1.0630
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NBC Daily Forex : July 08, 2013
Published 07/08/2013, 08:58 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : July 08, 2013
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