Canadian Dollar Unlikely to Rise Considerably on Potential Recovery in Jobs Data
Dow Jones
Oct 09
1000 GMT - Upcoming data could show Canadian employment rose over 10,000 in September after roughly 42,000 job losses in August but this shouldn't have a major impact on the Canadian dollar, ING's Francesco Pesole says in a note. The figures are unlikely to boost the prospect of the Bank of Canada raising interest rates in October, although should support a move by December, which is fully priced in, he says. The Canadian dollar's performance is also being driven by the U.S. dollar. The U.S dollar trades flat at 1.4227 Canadian dollars. "Improvement in global bond markets remains necessary for the pair to return sustainably below 1.420," Pesole says in a note. The data are due at 1230 GMT.
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