... from the IDEApro Suite [USD] FX Alert US RECAP: FEBRUARY NON-FARM PAYROLLS DECLINE -36K--The February Labor Department employment situation report revealed a decline of -36k in non-farm payrolls, versus the revised -26k decrease that occurred in January (prev.-20k), above market expectations for a -68k reading. This comes alongside no change in the unemployment rate at 9.7%, below market expectations for an increase to 9.8%. Additionally, average hourly earnings increased +0.1% m/m (+1.9% y/y), versus the unrevised +0.2% m/m (+1.9% y/y) increase seen in January. Meanwhile, average weekly hours edged lower to 33.8 in January. Comparing the February results to prior three-month averages for construction (-17.3k difference, attempting to strip out the impact of wintry weather) and federal government (+2.0k difference, attempting to strip out the impact of census activity), non-farm payrolls found about -15.3k of downward pressure (adjusting the headline to around -20.7k, roughly in line with the ADP estimate), considerably less than many anticipated.
3/5/2010 8:22:31 PM
[CAD] FX Alert- BOC LEAVES RATE UNCHANGED-The Bank of Canada left its overnight rate unchanged at 0.25%, bank rate unchanged at 0.50%, and deposit rate unchanged at 0.25%. It stated that its economy and inflation outlook have been slightly stronger than what they projected in its January Monetary Policy Report. The Canadian economy grew 5% in 4Q 2009 on an annualized basis. The BOC cited government stimulus, increased confidence, improved financial conditions, global growth, especially from emerging market countries, and higher terms of trade, as factors behind the upward momentum. However, it mentioned that the stronger CAD and weak demand from US consumers continued to hinder the growth path of Canada.
3/2/2010 8:54:48 PM
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