The Canadian dollar continues to stumble outright this Monday morning, tracking moves in overseas markets that reacted to much weaker-than-expected U.S. jobs data on Friday that raised concerns about the strength of the world’s largest economy.
Friday’s data showed U.S. payrolls grew by 120,000 in March, far below the expected gain of 203,000 jobs, keeping the door open for the U.S. Federal Reserve to provide more monetary support to the fragile economy.
A lack of major economic data in Canada and the United States on Monday will keep investors focused on that U.S. employment report, which came in on an equity market holiday. Markets were closed for the Good Friday holiday, and some Asian markets, including Australia and Hong Kong, and European markets remain shuttered.
“We’re picking up from the holiday-long weekend, the slightly weaker than anticipated non-farm payroll numbers on Friday sent the market into a bit of a risk-off mode,” said Matt Perrier, a director of foreign exchange sales at BMO Capital Markets.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Dean Popplewell
Latest posts by Dean Popplewell (see all)
- Euro zone bond yields sink as German manufacturing slows - 24 July 2019
- How Boris Johnson Plans to Deliver Brexit in 100 Days - 24 July 2019
- Weak PMI’s Sink EUR - 24 July 2019