Payrolls May not Matter for the Dollar
The big question of the day is whether this morning’s release of the US April payroll report will be sufficiently robust to provide the dollar with some sort of stability. A disappointing number (below 170-80K) would exacerbate an already deteriorating state in the greenback and raise speculation of a pause in the June FOMC meeting. The dollar reaction to a strong report (above 220-30K) should be gauged in terms of the direction as well as the duration of that increase.
:00 am CAN Apr Net Change in Employment (exp 15.0K, prev 50.5 K) CAN Apr Unemployment Rate (exp 6.3%, prev 6.3%) 8:30 am US Apr Nonfarm Payrolls (exp 180K, prev 211K) 8:30 am US Apr Unemployment Rate (exp 4.7%, prev 4.7%) 8:30 am US Apr Average Hourly Earnings (exp 0.3%, prev 0.2%) 11:00 am CAN Bank of Canada Deputy Gov Longworth Speaks.