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US unemployment falls to two-year low

Economies.com
2022-08-05 12:34PM UTC

US unemployment fell to 3.5% in July from 3.6% in June, the lowest since February 2020, and beating estimates of 3.6%.

Canada's economy loses jobs for second straight month

Economies.com
2022-08-05 12:40PM UTC

Canada's employment change showed a loss of 30.6 thousand jobs in July for another month, after another 43.2 thousand loss in the previous reading, while analysts expected a 14.2 thousand addition.

Canada's unemployment rate settles at record lows

Economies.com
2022-08-05 12:41PM UTC

Canada's unemployment rate steadied at 4.9% in July, same as June, the lowest on record, and beating estimates of 5%.

Euro declines ahead of US jobs data

Economies.com
2022-08-05 09:15AM UTC

Euro declined in European trade against dollar as investors shun new positions ahead of the US jobs data for July. 

 

Euro hit four-week highs earlier this after data showed resilience in the European economy against the pressures from the Ukrainian war.

 

EUR/USD fell 0.2% to 1.0225, after rising 0.8% yesterday, the first profit in three days, following weak US data.

 

European Data

 

Recent European data showed the European economy grew way more than expected in the second quarter, while inflation hit record highs.

 

Europe's economy grew by 0.7%, up from 0.6% in the first quarter and beating estimates of 0.2%.

 

European inflation surged to 8.9% in July, a record high, above estimates of 8.7%.

 

Such data bolstered the case for a 0.5% rate hike by the ECB in the next meetings, after already hiking it by 50 basis points in July. 

 

US Data

 

Investors await crucial data on US labor sector later today, with the payrolls report expected to show the economy added 250 thousand new jobs, down from 372K in June, with unemployment expected at 3.6%.

 

Estimates

 

If US labor data proved strong, it'll bolster the case for a 0.75% hike by the Fed in September, in turn boosting the dollar against the common currency.