Canada: Job market recovery has a long way to go, job creation to ease back to a more normal level – NFB

Matías Salord FXStreet

Data released on Friday in Canada showed a positive net change in employment of 84K and a decline in the unemployment rate to 8.9%. According to analysts at National Bank of Canada, the labour market recovery has a long way to go and they see job creation will start to ease back to a more normal level.

Key Quotes:

“The October report came in slightly better than expected. This was a relatively good performance given the closures of restaurants, bars, theatres and gyms in certain regions of central Canada.”

“We were also pleased to see the share of gains in October being concentrated in full-time jobs. Private sector employment also did well during the month, a necessary condition for a sustained recovery.”

“As of October, employment is now just 3.3% below its February level with no less than 79% of jobs lost that have now been recovered.”

“While the labour market recovery has a long way to go, job creation will start to ease back to a more normal level. Temporary layoffs have already declined substantially meaning that job creation will now depend on new positions being created.”

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

Euro clings to the bid bias above 1.1500

EUR/USD has picked up pace, reversing Monday’s decline and advancing past the 1.1500 barrier on Tuesday. In the meantime, hopes for a diplomatic solution to the Middle East crisis keep the US Dollar under modest downside pressure, helping spot in its recovery.

Coinbase Bitcoin Premium Index extends historical negative streak as risk appetite deteriorates

The Coinbase Bitcoin Premium Index extends its negative streak to 78 consecutive days on Tuesday, the longest on record. This reading comes amid the ongoing bearish trend, which has seen Bitcoin (BTC) drop by almost 50% from its record high to trade around $64,000.

Why the WTI sell-off may be hiding a supply warning

Prices for the barrel of the American Oil benchmark have fallen sharply as hopes of a US-Iran agreement have resurfaced, but a deeply backwardated Oil curve, tight Cushing stocks and light speculative positioning all warn that the sell-off may have gone too far.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.