| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:45 | France | Trade Balance, bln | September | -7.7 | -6.5 | -8.3 |
| 08:00 | Switzerland | SECO Consumer Climate | October | -33.7 | -33 | -37 |
CAD weakened against most of its major rivals in the European session on Friday as investors waited for the release of the October report on Canada’s employment and wage growth later in the day, which could determine the size of the December rate cut by the Bank of Canada.
Economists expect the report to show the Canadian economy added a rather modest 25,000 jobs last month, while the unemployment rate edged up to 6.6% from 6.5% in September and the annual wage growth eased to 4.4% from 4.5% in September.
Such outcomes would confirm further cooling in Canada’s labour market, which has witnessed a significant weakening as the elevated interest rates have impacted the domestic economy.
In October, the Bank of Canada lowered its benchmark interest rate by 50 basis points to 3.75 per cent. This represented the fourth straight rate reduction in the BoC’s policy rate. The Canadian central bank indicated that with inflation now back around the 2% target, its focus now shifts to supporting economic growth. The BoC also said that further decreases in the policy rate are expected, but the timing and pace of the moves will be guided by incoming data and the inflation outlook.