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USD/CAD Reacts to Job Numbers Data; Oil Prices Fall as US Increases Production

Published July 7, 2017
  • US Non-Farm Payrolls showed that the US added 222,000 jobs last month versus expectations of 179,000
  • The US unemployment rate came in at 4.4%, moving from last month’s rate of 4.3%
  • US month-on-month average hourly earnings showed a growth of 0.2% against an expectation of 0.3%; USD/CAD has moved down in reaction to both US and Canadian job numbers
  • The Canadian economy added 45,300 jobs last month versus an expectation of 10,000; Canada’s unemployment showed a rate of 6.5%, down from last month's rate of 6.6%
  • Oil prices initially moved higher yesterday after a surprise drawdown in US crude oil stockpiles; the US Energy Information Administration revealed that inventories fell by 6.3 million versus an expected 2.4 million
  • Gains for oil prices have, however, sharply reversed this morning as rising US oil production offset the commodity’s rally; reports showed that US production rose to by 1% to 9.34 million barrels per day last week
  • US Interior Secretary Ryan Zinke signed an order yesterday that increased lease sales and accelerated the approval process for permits for oil and gas exploration on federal land