Previous Trading Days Events 10.05.2024

According to the reports on Friday, Canadas economy added a net 90,400 jobs and the unemployment rate unexpectedly held at 6.1. Analysts said the data might prompt the Bank of Canada BoC to reassess their current expectations on when cuts will take place.

Money markets are now fully pricing in a cut in September compared to July before the report was released.

Certainly this raises the bar for a very nearterm rate cut and I think it speaks to how the balance of risks really does support the Bank of Canada potentially waiting until July, said Andrew Kelvin, chief Canada strategist at TD Securities.

The average hourly wage growth for permanent employees slowed to an annual rate of 4.8 from 5 in March. The slowdown in wages adds to signs that the economy is moving in line with the BoCs projections.

The bank is looking at a broad range of indicators for evidence that inflation is heading toward a 2 target and said last month that a rate cut in June was possible if a recent cooling trend in prices is sustained.

Stephen Brown, deputy chief North America economist at Capital Economics That makes it more likely the Bank will wait until the late July meeting to cut interest rates, as there are three inflation reports ahead of that meeting but just one before the early June meeting, he said in a note.

Source httpswww.reuters.comworldamericascanadajobgainsblowpastforecastswagegrowthslows20240510

U.S. consumer sentiment was reported…