Canada’s job market surprisingly gained 83,000 positions in June, pushing the unemployment rate down to 6.9 per cent from seven per cent and adding another wrinkle to predictions of where interest rates are headed.

The Bank of England is prepared to make larger interest rate cuts if the job market shows signs of slowing down, its governor has said. In an interview with the Times, Andrew Bailey said "I really do believe the path is downward" on interest rates.

Benjamin Reitzes, BMO’s managing director of Canadian rates and macro strategy, said in a note that while he is “skeptical” of the strong report given the uncertainty hanging over the economy, the June jobs figures were “pretty decent overall.”