CAD

Currency traders are treading cautiously ahead of a non-farm payrolls report that is expected to show the US job creation engine beginning to cool, but still running far too hot for the Federal Reserve. With high inflation and ever-rising interest rates weighing on economic activity, markets think roughly 250,000 new positions were created last month, down sharply from the 440,000 average in the first half, even as the unemployment rate holds near a historically-low 3.7 percent. Data released yesterday morning showed initial jobless claims jumping to a seasonally-adjusted 219,000 last week from a revised 190,000 in the prior week –...

Equity futures are weaker and currency market trading volumes are down as investors contemplate higher inflation risks – while bracing for tomorrow’s non-farm payrolls report. Oil prices are stabilizing around higher levels after gaining sharply in the last week. The North American benchmark, West Texas Intermediate, is trading for $87 a barrel while its global equivalent, Brent, is holding near $93 after the OPEC+ group of producing countries agreed to cut output by a larger-than-expected 2 million barrels a day. Because most members are already failing to meet targets, the number of barrels removed is likely to be far smaller,...