The Canadian economy created 24,700 new jobs in May – this is almost double the predictions and marks the fifth straight month of increases. Despite the new jobs, the overall unemployment rate remained at 8.1 percent.
Worries over the worsening debt crisis in Europe however, outweighed the positive news, causing the Canadian dollar to fall 95.47 US cents from 96.35 just before the release of the employment results.
“Everybody’s completely ignoring the fantastic news we had from the employment numbers and concentrating on the bigger picture, which looks like more woes for the debt situation in Europe,” said Steve Butler, director of foreign exchange trading at Scotia Capital.
Source: Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012