USD/CAD Lower Ahead of Dual Job Number Reports; Trump & Kim Jong Un Agree to Meet
Published March 9, 2018
Global stocks are higher this morning on news of a potential meeting between US President Donald Trump and North Korean leader Kim Jong Un; markets took the news of a sign of calm in the region as the meeting marks historic precedent and possibility of sustained peace in the Korean peninsula. The date and location of the meeting between the two leaders is yet to be decided.
Equities rose across the board in Asian stock markets and oil prices also benefited from a strong move towards “risk-on” sentiment.
President Trump officially signed his administration’s proposed tariffs for steel and aluminum yesterday. Trump softened his stance and ensured that the trade measures offered exemptions for Canada and Mexico; he also hinted that other countries may be permitted to apply for exemption in the future.
US Non-Farm Employment numbers are set to be released later this morning at 8:30 AM EST; strong growth in US jobs would strengthen speculation over the possibility of four interest rate hikes from the Federal Reserve in 2018.
Canadian job numbers will be concurrently released at 8:30 AM EST; economists are predicting an addition of 21,300 jobs for the Canadian economy, which would mark a stable jump back from the loss of 88,000 jobs in December.