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Tomorrow, Canada reports its monthly employment data, which we can tend to overlook in the rush of news about US NFP.
A little later, we get the Ivey PMI, as well as a couple of BOC member speeches. So the CAD can be quite active tomorrow.
All of this needs to be understood in the context of the new record number of covid cases record on Tuesday, even as Canada increases measures.
In the latest update, Trudeau said he was hoping to avoid wide-spread lockdowns. But he didn’t rule it out.
The worry over another downtick in the economy might keep businesses from expanding (or, realistically, rehiring) their workforce.
The BOC’s View
So far, the BOC has been focusing on the economy, though not specifically focusing on employment figures.
In this latest comments, Governor Macklem insisted that they are not considering negative rates. However, he did say that more stimulus might be necessary.
We’d be looking for him to repeat this in his comments later in the day. A change ...
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