Daily Afternoon Report 10/08/2015
The U.S. dollar edged higher against its Canadian counterpart today, as trading volumes are expected to remain thin with no major U.S. data to be released and as Friday’s upbeat employment report supported expectations for a near-term rate hike.
The Labor Department reported on Friday that the U.S. economy added 215,000 jobs last month, slightly lower than forecasts for an increase of 223,000, but still consistent with strong employment growth.
The unemployment rate remained unchanged at 5.3%, in line with expectations.
Hourly earnings, a component of the jobs report that the Federal Reserve has said must rise, ticked up 0.2%, also matching forecasts after stalling in the previous month.
The data was seen as reinforcing expectations for higher U.S. interest rates.
In the past three months, the greenback has been boosted by investor expectations that the Fed will raise short-term interest rates in the coming months, possibly as early as September.
In the eurozone, negotiations between Greece and its international creditors over a new bailout deal worth €86 billion were expected to conclude by early Tuesday.