Dollar surges in after another set of strong non-farm payroll report. The headline number showed 201k growth in August, comparing to expectation of 194k. Prior month’s figure was revised down from 157k to 147k though. Unemployment rate was unchanged at 3.9%. The bigger surprise, and Dollar driving one, is average hourly earnings which showed 0.4% mom growth, above expectation of 0.3% mom.
Canadian job data is very disappointing. The employment market contracted by -51.6k in August, nearly undoing all the 54.1k growth in July. That’s also was below expectation of 5.1k growth. Unemployment rate also rose to 6.0%, up from 5.8% and higher than expectation of 5.9%.
Reaction in USD/CAD is immediate.
