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On Thursday, we are expecting the Canadian employment report. This data could highlight the intensity of the damage the stringent measures to fight COVID-19 have taken on the economy.
There won’t be any surprise now, if the numbers come out steeper than expected, as we have seen in other leading nations.
Jobless claims are accelerating in Canada as the pandemic forces more and more businesses to shut, This has, in turn, forced the government to expand a program to help keep workers on payrolls.
Expectations are for a surge in unemployment to 7% from 5.6%. The projection for the employment change is -350,000, from 30,300 previously.
March Key Events
The BOC on the 4th of March cut interest rates by 50 basis points to 1.25%. They cut again on March 13th by another 50 basis points, getting the rates to 0.75%.
Finally, one last 50 basis point cut came on the 27th March, bringing the rates to all-time lows of 0.25%. This series of cuts marked the first time the bank had reduced rates in fou...
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