For the week of December 22 to 26
There is only one release in Canada this morning; the Bloomberg Nanos Confidence or “Economic Mood” index is set to release at 10:00 EST. This is a forward looking survey, measuring weekly consumer sentiment and taking into consideration views on strength of the economy, job security, real estate and personal finances. There are no surveyed expectations for this survey but last week’s score came out at 57.0 indicating there are more positive than negative economic views. Focus throughout the Canadian markets on this short week falls only on Canadian GDP which is released tomorrow. The economy is expected to expand 0.1% in October and 2.1% on a year-over-year basis.
Unlike Canada, it will be a busy short week throughout the United States with a number of economic releases on the schedule. The Chicago Fed Activity Index and Existing Home Sales will be released later this morning. The Chicago Fed National Activity Index is expected at 0.25 for November versus last month’s 0.14. Positive values indicate above average growth in the U.S. economy. Existing Home Sales are expected to fall slightly, down 1.1%, to 5.20M. Tomorrow we’ll see the bulk of the economic data with November durable goods orders third quarter GDP revisions, FHFA housing prices for October, November new home sales personal income and spending.
The Canadian dollar has fallen against the USD in early trading this morning as the exchange remains above 1.16 USD/CAD. The light data today will leave CAD vulnerable to the price of crude with both WTI and Brent up from their lows last week.
Todays expected range: 1.1550 – 1.1650
Posted by Concentra Financial Markets