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IPC Index — Mexico MarketCommerzbank’s Michael Pfister highlights that weaker-than-expected Canadian labor data, including job losses and a participation-driven drop in unemployment, underline fragilities in Canada’s economy. Pfister links hiring caution to renewed trade tensions with the US and expects that without a deal, Canada’s real economy will recover only slowly and the Canadian Dollar will remain under pressure in coming months.
Weak jobs and US tensions hurt CAD
“Although the key US labour market report was not published on Friday, there was at least labour market data from Canada, which was rather disappointing.”
“Nevertheless, the job losses highlight the problems associated with the current difficult relationship with the US.”
“Last month, this conflict gained momentum again when the US president threatened new tariffs (as we reported).”
“Therefore, we continue to assume that, without a deal with the US, the recovery of the Canadian real economy is likely to be slow, and that the Canadian dollar will continue to struggle in the coming months.”
