Labor Productivity q/q (CAD) comes in at 1% against -0.2% consensus

Canada’s Labor Productivity quarter over quarter came in at 1%. This figure significantly exceeded the consensus expectation of -0.2%. The actual print also marked an improvement from the previous quarter’s reading of -0.5%. The surprise against consensus was 600.0%.

Following the release, the Canadian dollar showed varied movement against major currencies. Fifteen minutes after the data, AUDCAD was up 9.0 pips, while CADCHF was down 4.3 pips. CADJPY was down 9.2 pips, and EURCAD was up 7.3 pips. GBPCAD moved up 17 pips, NZDCAD was up 9.5 pips, and USDCAD was down 6.0 pips. For context, the median 1-hour move for AUDCAD after past releases is 8 pips, for CADCHF it is 8 pips, for CADJPY it is 6 pips, for EURCAD it is 15 pips, for GBPCAD it is 17 pips, for NZDCAD it is 9 pips, and for USDCAD it is 12 pips. Some pairs, such as EURCAD and USDCAD, showed relatively small moves compared to their typical 1-hour median. GBPCAD’s move of 17 pips matched its typical 1-hour median.