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The Dreaded Employment Report

Once again, that major market moving menace, the employment report, has caused serious ripples in the bond markets. Canada's economy produced a stunning 61,000 new jobs with the rate falling to a 30 year low of 6.1%. This was enough to stabilize the lagging Loonie and send bond prices lower  . The Bank of Canada will surely stand still on January 16.

 

 The US report also surprised on the upside with an increase of  167,000 of non-farm jobs with upward revisions in the two previous months. As well, average hourly earnings rose sharply.

 

US Treasuries had been slightly higher but have plunged a fast  ? a point .This news has also ensured that the Fed will remain on the sidelines. Expect bond prices to stay on the defensive.

 

 



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