For the week of December 1 to 5
It is a quiet schedule in Canada today with just two economic releases. RBC Canadian Manufacturing PMI releasing later this morning as well as Bloomberg Nanos Confidence, measuring Canadian consumer sentiment, releasing for the week ending November 28. In the previous week’s release Canadian consumer confidence fell to a nine-month low with pessimism about the economy and employment.
Looking to the rest of the week we have the Bank of Canada Rate Decision on Wednesday, where according to economists surveys Bank of Canada Governor Stephen Poloz will keep the benchmark rate at 1 percent. This would stretch the rate pause to the longest since World War II when the rate pause lasted from February 1944 to September 1950. Then Friday things are wrapped up with Canadian employment data.
Our southerly neighbours, post-Thanksgiving break, have three economic releases on the schedule today. Specifically Market U.S. Manufacturing PMI releases this morning with estimates predicting 55.0 compared to 54.7 prior; additionally ISM Manufacturing with estimates at 58.0 compared to 59.0 prior and finally ISM Prices Paid with estimates at 52.5 compared to 53.5 prior.
In the currency market this morning the Canadian dollar currently hovers around 1.1389 against its U.S. counterpart, down from it’s opening of 1.1420. More interestingly though, USD/CAD had a 200 point rally from 1.1250 – 1.1459 since OPEC’s decision not to cut oil production on Thursday. Focus today for the pair looks to U.S. Manufacturing data and then into the rest of the week Governor Poloz’s rate announcement on Wednesday and Canadian employment data Friday.
Today’s Expected Range: 1.1340 – 1.1440
Posted by Concentra Financial Markets