Dual Employment Positive for Canada; Trump Adds Fuel to the Trade War Fire
Published April 6, 2018
The loonie is up this morning on better than expected Canadian employment data (with a particularly strong full-time component). Further support comes from the US print of softer than expected non-farm payrolls; 103K vs expectations of 188K.
Trump is keeping everyone on their toes with respect to trade tariffs. Yesterday, he escalated matters by contemplating the proposal of new tariffs on an ADDITIONAL $100 billion of Chinese imports. Not surprisingly, this has caused some uncertainty in global equity markets.
Fed Chair Powell will be speaking about the economic outlook today in Chicago at 1:30PM EST. He will likely comment on the jobs report and perhaps drop some clues about the future rate path in the US.
Oil prices are struggling for direction this morning in light of the economic data as well as increased trade tensions between the US and China. WTI crude is down 0.13% to $63.46 and Brent crude is up 0.18% to $68.45 at the time of writing.