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Market Reacts to US and Canadian Job Data; Oil Recovers from 4-Month Lows

Published March 10, 2017
  • US Non-Farm Employment data offered  a better than expected reading of 235,000 new jobs versus market predictions of 196,000; US Unemployment rate stood at 4.7% while month on month Average Hourly Earnings was lower at .2% versus an expected .3%
  • A plethora of hawkish comments from Federal Reserve officials throughout the month of March and previous strong employment data releases suggest that today’s number would have to be quite poor to prevent the Fed from raising interest rates next week on March 15
  • Odds for a second interest rate hike in June 2017 stand at 46.4%; odds that the Fed will fulfill its prediction of raising interest rates three times in 2017 stand at 35.5%
  • Canadian employment change grew by 15,300 against an expected 2,500 jobs while the Canadian unemployment rate came in at 6.8%; USD/CAD has dropped on both Canadian and US data releases
  • Oil prices have rebounded from 4-month lows this morning; upside is limited as US stockpile levels and oil rig counts continue to weigh on the commodity
  • West Texas Intermediate Oil (WTI) remains under the $50 threshold and is on track for a 7% decline this week, the biggest drop since early November 2016; Brent Crude could face a 6% drop, also the biggest fall since November of last year