US and Canadian labor market, sixth month of positive data

The United States and Canada will report the evolution of non-farm payrolls and the variation in the unemployment rate respectively this Friday. The announcement will be at 10.30 am this Friday, Argentine time (GMT -3).

November labor market data, released in December, was more disappointing than expected. 200K were added, compared to the expected 500K. Despite these data, the unemployment rate fell drastically to 4.2% compared to the estimated 4.5%, falling 0.4%.

The impact could be mixed, and the data will add volatility to the markets on the direction of the economy and the general state of the labor market.

The NFP is projected to hit 426K in December from 210K in November. While unemployment is expected to fall to 4.1%.

Jerome Powell, Chairman of the Federal Reserve, said that “Economic activity is on track to expand at a solid pace this year, reflecting progress on vaccines and the reopening of the economy,” moving “rapidly toward maximum employment. “.

Canadian employment data is also expected with expectations, although the unemployment rate is likely to remain at 6%. This would position them 0.4 points from reaching the levels of March 2020, 5.6%.

In both cases, the labor market is being affected by the new waves of contagion by the Omicron variant, which, without a doubt, will have an impact in many ways.

Market closing projections, you can check them all at this link:

EURUSD General buy preference over 1.13. No sell at these lows
GBPUSD holds only buyer. Next level 1.3550.
USDJPY awaiting sellers below 115.60. Buyers only for now.
USDCAD buyers above 1.2790 to 1.28, sell preference below 1.28.