HIGHLIGHTS OF THE WEEK – July 8
United States
- It was a relatively heavy week on the U.S. data calendar, with both manufacturing and non-manufacturing PMIs, auto sales, and the international trade reports acting as preambles to this morning’s highly anticipated non-farm payrolls release.
- With U.S. markets closed on Thursday, attention shifted to overseas, as both the Bank of England (BoE) and European Central Bank (ECB) kept benchmark rates unchanged.
- June’s non-farm payrolls rose by an impressive 195k, surpassing market expectations of 165k. U.S. treasuries sold-off following the release, as the 10-year rose by 20 basis and currently sits at 2.7%.
Canada
- WTI prices topped US$100 per barrel, narrowing the Brent-WTI spread to less than US$5 per barrel for the first time since January 2011.
- Canada’s international trade deficit narrowed in May, as a 1.6% drop in exports was more than offset by a 3.2% decline in imports.
- Employment was unchanged in June, although the underlying details were soft; 32,000 full-time positions
For further information, please contact:
John Maveety Manager, Residential Mortgages – Greater Ottawa Area
TD Canada Trust T: (613) 371-1984 F: (888) 899-1984 P: (866) 767-5446
