Canadian Dollar Rose After Strong Employment Data

Market Reviews

The US employment data did not provide much support to the dollar. The number of jobs in the US grew more than expected in June. Data from the Labor Department showed that the number of people employed in non-agricultural sectors of the economy jumped by 222.000 jobs last month. The unemployment rate rose by 0.1% to 4.4%. The average hourly wage rose by 0.2% mom.

The Canadian dollar jumped sharply after data on employment from Canada. The labor market in Canada grew by 45.3 thousand in June, which is higher than expectations of 11.4 thousand.

The British pound weakened after weaker than expected economic data. Industrial production in the UK declined by -0.1% mom and -0.2% yoy in May. Construction output fell by -1.2% mom in May. Trade deficit widened to GBP -11.9b in May.