Intraday Market Thoughts

Ahead of CAD Jobs Report

by Ashraf Laidi
May 10, 2013 13:13

JPY accelerates weakness as BoJ's Kuroda reiterates that Japan is not targeting FX but only conducting monetary policy. Rather than chasing any JPY cross in sight, we issued 2 tactical Premium trades in CADJPY ahead of the Canada jobs report as a partial hedge to our existing USDCAD trades and a play on JPY weakness regardless of any downside surprise in the jobs report. CAD jobs figures due at 8:30 ET (13:30 London) expected at +15K from prev -54.5K with the unemployment rate expected unchanged at 7.2%. Full trades are in the latest Premium Insights under the CADJPY section

Act Exp Prev GMT
Net Change in Employment (APR)
15.0K -54.5 May 10 12:30
Unemployment Rate (APR)
7.2% 7.2% May 10 12:30

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