CAD gains after jobs report surpasses expectations
Friday 10 February, 2023
Daily Currency UpdateThe Canadian dollar is on a run to start the day after the Canadian economy added 150,000 jobs in January. This was significantly higher than the 15,000 analysts anticipated. This brought unemployment down to 5% overall, showing a stronger jobs market continuing into 2023.
Key MoversThe US Dollar Index (DXY) is settling into the mid-103 range as stock markets end the week with a slightly lower open. Investors seem to be waiting to see the result of Tuesday’s Consumer Price Index (CPI) inflation release to better anticipate the next moves from the Federal Reserve. On the data front today, we have the University of Michigan’s Consumer Confidence Survey. Expectations are for a slight increase for February moving from 64.5 to 65. The pound is holding steady after gross domestic product data in the United Kingdom increased 0.4% for the fourth quarter of 2022, as expected. The year-over-year growth in production was down -0.1%, slightly better than the -0.2% markets were set for.
- EUR/CAD: 1.4308 - 1.4457 ▼
- GBP/CAD: 1.6204 - 1.6334 ▼
- AUD/CAD: 0.9284 - 0.9381 ▼
- USD/CAD: 1.3374 - 1.3471 ▲