The series of US economic indicators released this week continue to show lackluster results. U.S. ISM Manufacturing Index, U.S. JOLTS job openings, U.S. ADP employment numbers, U.S. non-manufacturing index, etc. However, the trend of dollar selling slowed down yesterday, and there was also a movement to adjust ahead of tomorrow’s release of US employment statistics and the Easter holiday.
Under such circumstances, today we will look at the number of job cuts in the US Challenger (March), the number of new applications for unemployment insurance in the US (03/26 – 04/01), the Canadian employment statistics (March), and the Canadian Ivey Purchasing Managers Confidence Index. (March) will be announced. In the midst of an adjustment mood, US employment-related indicators will be announced. The number of initial U.S. unemployment claims is expected to be around 200,000, about the same level as the previous 198,000. If the results are around the forecast, the impact on the dollar exchange rate is likely to be limited.
According to the Canadian employment statistics, employment is expected to increase by 7,500, and the growth is expected to slow down from the previous 21,800. The unemployment rate is expected to rise to 5.1% from the previous forecast of 5.0%. It seems to support the view that the Bank of Canada will not raise interest rates.
We will continue to sell the USD, but today we assume that it will likely turn into a nervous range trend ahead of tomorrow’s US employment statistics.
