{"id":59872,"date":"2023-04-06T10:28:33","date_gmt":"2023-04-06T07:28:33","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=59872"},"modified":"2025-10-13T13:04:05","modified_gmt":"2025-10-13T10:04:05","slug":"canadas-employment-data-in-focus","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/pt\/canadas-employment-data-in-focus\/","title":{"rendered":"Canada\u2019s employment data in focus"},"content":{"rendered":"

The USD edged higher yesterday interrupting the downward motion of the previous two days as worries for a possible recession in the US economy were revived by weak data and tended to push safe haven inflows towards the greenback. It should be noted that market focus seems to be steadily shifting towards the release of the US employment report for March, especially after the disappointing releases of February\u2019s JOLTS Job openings on Tuesday and March\u2019s ADP national employment figure which tended to imply that a slack is building up in the US employment market. It was characteristic of the reversal of the market sentiment that US stock markets were sending out mixed signals with Dow Jones edging higher for the day yet Nasdaq and S&P 500 were in the reds. In the US equities markets, we would note Walmart\u2019s expectations to continue, yet ease the pace of its hirings, as inflationary pressures and the overall situation in the US economy seems to be pushing consumers towards the buying of products with a lower profit margin for the retail chain. In our opinion, besides the possibility of the company\u2019s profit being squeezed which is a negative for its share price and may be reflected also in its earnings report for the quarter, the flight of consumers to lower-margin goods may also be a result of the tighter conditions in the US economy, which may have an additional adverse effect also on US economic growth indicators. Gold\u2019s price remained rather stable yesterday yet seems to be under a downward pressure during today\u2019s Asian session, as the USD advanced higher. North of the US border we note that the Loonie took a beating yesterday, as February\u2019s trade surplus narrowed beyond expectations and actually was slashed to a quarter of January\u2019s figure, highlighting that the Canadian economy benefited less from its international trading activities. We also note that on a more fundamental level, WTI prices remained elevated, yet worries for a possible recession in the US economy may place downward pressure on oil prices which in turn may have an adverse effect also on the CAD given that Canada is a major oil-producing country. Today we highlight the release of Canada\u2019s employment data for March and forecasts are expected to show that the unemployment rate ticked up and the employment change figure dropped. Should that be the case data would be aligning towards pointing towards an easing in the tightness of the Canadian employment market, which could weaken the CAD further, as it may solidify further BoC\u2019s decision to remain on hold, if not intensify some dovish voices in BoC\u2019s environment. \u00a0\u00a0\u00a0<\/p>\n\n\n\n

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