Daily digest market movers: USD/CAD dips further as US NFP beat expectations
- The Canadian Dollar has lost more than 0.5% over the last two days, retracing last week’s gains and reaching its lowest price since December 2023.
- US Nonfarm Payrolls increased by 303K in March from 270K in February, well above the 200K forecasted by market experts.
- Average Hourly Earnings have increased at a 0.3% monthly pace and 4.1% year on year from 0.2% and 4.3% respectively in February.
- Canadian Ivey Purchasing Managers’ Index has improved to 57.7, its best reading over the last 12 months, from 53.9 in February.
- Somewhat earlier, Canadian employment data disappointed investors with a 2.2K decline in March after a 40.7K increase in February. The market was expecting a 25K increase.
- On Thursday, Fed Powell reiterated that the central bank needs more time to decide on rate cuts, while Fed Kashkhari warned that there might not be any rate cut this year, which sent the USD higher.
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