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11.10.2013 18:20

American focus: the value of the Canadian dollar has increased significantly against the U.S. dollar

The euro exchange rate against the dollar has declined markedly , although still shows a slight increase on the session . Note that this dynamics is connected with the expectations of progress in resolving the political impasse in the U.S. and comments Powell , who said that the mechanism of "quantitative easing" continues to operate , as well as statements Novotny .

I should add that , despite the fact that President Obama has not expressed support for the Republicans , the fact that the party has lost its strategic position on the debt ceiling sparked a rally in the markets , reviving risky assets. Yesterday, Republicans offered a compromise agreement , suggesting the extension of negotiations on the debt ceiling in exchange for a large-scale debate on the spending cuts . This decision was taken after the polls pointed to a negative attitude toward the Republican Party , and to their role in stopping the work of the government , which has led to the fact that 800 thousand civil servants were forced to go on leave without pay . In essence, the Republicans offer does not contain amendments that would have reduced funding and delaying the implementation of the Law on the availability of medical treatment , which has become a stumbling block in the political negotiations .

The U.S. dollar is going to close the week higher for the first time in the last 5 weeks. News provided support to risk sentiment , causing markets perked up . Unless Congress decides to raise the debt ceiling, it will reach its peak on October 17 , after which the U.S. will no longer be able to service its debt obligations. Confusion Republicans reduced the probability of default of the United States from low to zero .

The Canadian dollar rose sharply against the U.S. dollar, which helped the submitted data for Canada, as well as the first positive changes in the U.S. budget issue . As we learned from the data that were presented earlier by Statistics Canada , at the end of last month the unemployment rate in Canada fell unexpectedly , dropping at the same time by 0.2 percentage points to 6.9 %, which followed a decrease of 0.1 p § in August. Note that a positive change has taken place even despite the fact that the number of employed has changed little compared to the previous month .

The decrease in unemployment to 6.9% was attributed mainly young men looking for work , while the actual employment in all age categories was unchanged. The level of participation for all employees was at the level of 66.4 %, which was 2 percentage points lower than the previous month .

I should add that the last value in the unemployment rate is the lowest since December 2008 , when it stood at 6.8 %, while the participation rate was at around 67.5%. But immediately after that, in January 2009 , the unemployment rate rose very sharply - to 7.3 % in February - up to 8.0 %, which was a consequence of domestic and global recession.

At Statistics also reported that employment in September rose by 11,900 , as determined by a "small change " compared to the previous month. In annual terms, employment rose by 1.2 %, or 212,000 jobs. However, for the year as a whole , employment was little changed , as the number of people employed and the working-age population grew at the same pace .

11.10.2013 17:22

European stock close

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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