For week of December 22, 2014 – January 2, 2015
It will be a slow start to the week in Canada following the long holiday weekend with only one economic release on the schedule. The Bloomberg Nanos Confidence Index will update for the week ending December 26 after hitting 56.2 in the latest update. In the United States, the Dallas Fed Manufacturing Activity Index is expected to fall to 9.0 for December, from 10.5 in the previous month.
Markets will be fairly quiet again this week with the New Year’s holiday falling on Thursday. Focus throughout the Canadian Markets will fall on the RBC Canadian Manufacturing PMI for December which is set to release on Friday, January 2. U.S. markets will be a little more active with an update to the Consumer Confidence Index scheduled for tomorrow, followed by November Home Sales on Wednesday, and ISM Manufacturing and Prices Paid on Friday. The Confidence Index is expected to rise from 88.7 in the latest update to 94.0 for December and Home Sales are forecast to post a gain of 0.5% for November.
The Canadian dollar has remained relatively unchanged in trading this morning, and it continues to trade within the same range since December 15th. Oil prices, which continue to hover near $55 per barrel and Central Bank actions, continue to be the focus for CAD traders. Due to the lack of domestic data, markets will keep an eye on broader economic activity; however no significant movement to the USDCAD is expected to come this week.
Todays expected range: 1.1585 – 1.1685
Posted by Concentra Financial Markets