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By mid-afternoon USD/CAD had fallen 1% to 1.0318 after economic data painted a picture of economic recovery around the globe.
For most of the summer we’ve been seeing rather downbeat economic data coming out of China, leading to fears that the world’s second largest economy was not just slowing but heading for a hard landing, but earlier today a report showed that Chinese exports were up 5.1% in July compared to a year earlier and imports rose 10.9%. This was a big turnaround from June when exports had dropped 3.1% and imports fell 0.7% (the first drop in exports in well over a year). The German Federal Statistics Office also reported a rebound in exports, with 0.6% growth seen in June after a 2% drop in May.
These signs that the global demand may be picking up is good news for Canada, whose economy is driven by exports.
Canadian payroll data for July is scheduled to be released tomorrow. A small fall in the number of payrolls was revealed last month for June, but analysts polled by Bloomberg gave a median forecast of 10,000 jobs being added to the payroll this time around. The unemployment rate is expected to remain unchanged at 7.1% for the third month in a row though.
Data released by Statistics Canada today showed that Canadian house price increased 0.2% in June, slightly higher than had been expected.