Canada's unemployment falls to 1-year low
At 12:30 GMT, the Canadian economy released the unemployment rate reading for March at 7.5%, the best pace since February 2020, beating forecasts of 8%, better than the previous reading of 8%. This data is positive for the Canadian dollar.
Canadian economy adds more jobs than expected in March
At 12:30 GMT, the Canadian economy released the employment change reading for March, which showed that the economy has added 303.1K new jobs, beating forecasts of 101.5K jobs, better than the previous reading of 259.2K jobs. This data is positive for the Canadian dollar.
US stocks open higher after upbeat economic data
The major US stock indices opened higher on Friday, amid continued optimism about the US economic recovery after the release of upbeat data.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
Countries around the world are intensifying their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns.
The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.
Data showed that the US producer price index rose 1% in March, beating forecasts of a rise by 0.5%.
As for stocks, Dow Jones rose 0.3% or 120 points to 33,622 as of 13:38 GMT, Nasdaq fell 0.5% or 70 points to 13,761, and S&P 500 rose 0.1% or 2.5 points to 4,099.
Euro on track for largest weekly profit in 2021
Euro fell on Friday against dollar away from two-week highs on profit-taking, while still on track for the largest weekly profit this year on strong risk sentiment in the market.
EUR/USD fell 0.25% to 1.1844, after closing up 0.4% yesterday, the third profit in four days, marking two-week highs at 1.1927.
Euro is up 1.1% so far this week against the greenback, on track for the first weekly profit in a month, and the largest since November 2020.
The strong sentiment led to investors to invest in high risk currencies and assets, as US treasury yields declined while US stock hit new record highs.
US 10-year treasury yields fell 3.5% this week to two-week lows at 1.614%, after the Fed asserted it's maintaining low interest rates for a longer period of time.
US stocks hit record highs, with similar results in Europe as Dow Jones Stoxx 600 hit fresh record highs on rising optimism.
The International Monetary Fund stated that massive public spending to combat the coronavirus pandemic will improve global growth to about 6%, the best such rate since the seventies.