The USD Change in Nonfarm Payrolls report (May) released last Friday proved the resiliency of the leading economy in the world, which seems to have rebounded after a difficult start to the year. Last month, more than 280,000 jobs were created, which was clearly higher than what had been forecast. In addition, the increase in earnings also was a pleasant surprise for economists. This caused the U.S. dollar to rise sharply against most major currencies.
The CAD Labour Force Survey (May), also released on Friday, showed that the number of jobs created was much higher than expected. Since the start of the year, the Canadian economy has been able to create close to 21,000 positions per month, despite the collapse in crude oil prices. Consequently, the loonie was the only major currency to rise against the greenback.
During the weekend, Greek leaders stated that they intended to reject proposals from the EU, qualifying them as ''absurd.'' Athens has to find 1.6 billion euro before June 30 as part of its IMF debt payments.
In economic indicators today, we will be monitoring Housing Starts in Canada.
