U.S. Nonfarm payrolls posted on Friday disappointed markets somewhat, coming in at 214,000 rather than the 235,000 forecasted. This made the USD take a break in its upward ascension towards new highs. The fallback continued over the weekend, following the release of better-than-expected Chinese export results -- they increased by 11.6% rather than the 10.6% forecasted. This drop represents a good opportunity to purchase USD at a relatively good price for our buying clients, given that economic fundamentals and diverging central bank monetary policies are currently favouring the rise of the USD.
Here at home, October employment figures released on Friday were better than expected, with 43,000 positions created instead of a forecasted loss of 5,000 jobs. In addition, the majority of positions created were full-time (26,500). These positive figures helped stop the slide of the loonie against the greenback. No significant economic indicators are expected on this pre-Remembrance day.
Have a good Remembrance Day tomorrow! Please note that our desk will be closed tomorrow. Salim Laaroussi Range of the day: 1.1260 - 1.1340