PREVIOUS TRADING DAY EVENTS 09 June 2023

Announcements

Canada labour data showed 17,3K fewer jobs in May while the unemployment rate rose by 0.2, to 5.2, the first increase since August, a signal of employment softness after the rate hikes from the central bank.

The Bank of Canada decided to raise its overnight rate to a 22year high of 4.75 on Wednesday since inflation was stubbornly high. The bank struggles to bring down inflation which remained more than double its 2 target in April. On Thursday, Bank of Canada Deputy Governor Paul Beaudry highlighted that a tight labour market and sticky core inflation contributed greatly to the decision to hike.

Some cracks appeared within the Canadian labour market in May, but these may not yet be wide enough to convince the Bank of Canada that inflation is about to meaningfully cool off, said Andrew Grantham, senior economist, CIBC Capital Markets.

While this is an ugly set of jobs data, the labour force survey is notoriously volatile, said Royce Mendes, head of macro strategy at Desjardins Group. It would need to be corroborated with a host of additional information to change our view that the Bank of Canada will hike again in July.

Source httpswww.reuters.commarketscanadareportssurprisemayjobslossunemploymentraterises5220230609

Summary Daily Moves Winners vs Losers 09 June 2023

AUDJPY was on the top of the winners list on Friday with 0.82 gains followed by NZDUSD with 0.59.
XAGUSD Silver reached the top last week…