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Loonie drops 0.5% to 1.4299/USD as Canada loses 68,300 jobs in September; unemployment rises to 6.5%; two-year yields hit 1-month low, trimming BOC hike odds.
Fed rate-hike odds swung violently in a single week, but the jobs data behind that swing raises as many questions as it answers, and long-bond investors may be celebrating too soon.
Fed hike odds for October 28 have fallen to 18.3% after soft jobs and inflation data, CME’s FedWatch tool shows. Cut odds sit at 0%, so a hold is the base case.