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No US monthly jobs report today as the USD/CAD grabs the stage

As noted here earlier in the week, there will be no US monthly jobs report today. That will be released next Friday, December 8. This is because the reporting period only just ended yesterday and the data cannot be collated in time to be released today. However, the Canadian bean counters are more efficient it seems, so we will get the same monthly jobs report from them this afternoon, at 1.30pm GMT. The expectation there is not so hot though, with the Canadian unemployment rate expected to rise to 5.8% from the prior 5.7% reading, The number of payrolls is not expected to rise much either. The call there is for a gain of around 15k in November. Now the USD/ CAD surprised me if no one else yesterday, because the Q3 GDP there was really disappointing that did not lead the USD/CAD much above 1.36 before it later fell back towards 1.3550. That was especially surprising given the gains for the dollar elsewhere within the G10 block. To be honest I can only attribute that to month end re-balancing. The USD/CAD closed in the US at 1.3561 and it is lower right now this morning, currently trading at 1.3545
 

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