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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.