Good Afternoon
The US Jobs report was released this morning and has exceeded
expectations. Projections for this report were an increase of 145k jobs but the
actual numbers was an increase of 165k jobs pushing the unemployment rate down to
7.5% from 7.6%, more importantly the March number was revised up from 88K to
135K, so overall a good report for the US economy but not great, in a strong
growth environment the US should be creating between 250K and 300K new jobs a
month. As we projected this morning the US Dollar was able to rally from its opening levels
against the Euro and
Sterling.
The Canadian
Dollar has been trading stronger against the US Dollar for most of the morning in quiet
markets, initially after the US Jobs report was released the Loonie did give up some strength
but it recovered quickly. The Canadian Dollar is being helped
by stronger commodity prices including the price of crude which is
up $1.75 a barrel. Being Friday afternoon we are not expecting to see much of a
trading range this afternoon so USD.CAD should close the week near the 1.0100
level.
Have a great weekend
Yonah
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