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Canada’s Employment Report Due | EU Cuts Economic Growth Forecast

Published November 8, 2019

  • The Canadian dollar is expected to remain volatile against the US counterpart, as statistics Canada will issue its labour force survey for October on Friday. The job creation is expected to slip to 14,700 jobs in October and the unemployment rate is expected to remain unchanged at 5.5 percent. At the time of writing, the Canadian dollar is trading at 1.3183 levels against the US dollar.
  • The European Commission has lowered eurozone growth forecasts for the current year and 2020. The commission stated that the US-China tariff war and high levels of policy uncertainty, especially with respect to trade, have dampened investment, manufacturing, and international trade.
  • The Bank of England is edging closer to cutting interest rates as Governor Mark Carney said that the interest rates may need to be slashed if global and Brexit headwinds do not ease. On Thursday, the BoE left its base rate unchanged at 0.75 percent as widely expected.
  • Atlanta Federal Reserve President Raphael Bostic said that the current Monetary policy is accommodative and further adjustments will be data-dependent. Bostic also said that he expects economic data to be released before the end of the quarter which will boost GDP growth.