USD / JPY Bouncing From Weekly Low, Still Red Below Mid 109.00
Canadian employment data has little rival to be in the spotlight and is estimated to have grown by around 15,000 in full-time position after almost doubling in April, despite approaching an average of three months 19 thousand, according to analysts at BBH.
“An increase in the level of participation that is not matched by a corresponding increase in the unemployment rate will be understood as constructive. Pleasant reports are likely to raise hopes for July interest rate hikes. Given its proximity to Mexican elections (July 1), unless the US withdraws, NAFTA negotiations may have to resume later, and that can be enough to help reduce uncertainty for the Bank of Canada to move. “