For the week of April 6 to 10
In Canada this morning, the Bloomberg Nanos Confidence Index will update for the week ending April 3 after releasing at 55.6 in the latest update. In the United States, the ISM Non-Manufacturing Composite is expected to fall slightly from 56.9 in the previous update to 56.5 in March. Last week, Nonfarm Payrolls released at 126K on Friday, falling well short of expectations calling for 245K. The Unemployment rate remained at 5.5%.
Highlights in Canada this week include updates to Building Permits, Housing Starts, and Employment data. Building Permits are forecast to rise by 3.3% after falling by 12.9% in the latest release. Employment levels are not expected to change with the unemployment rate expected to stay at 6.8%. In the United States, focus falls on updates to Wholesale Inventories and the Monthly Budget Statement. Inventories are expected to rise by 0.2% for February, while the budget is expected to release at -$43.0B.
In the currency markets the Canadian dollar is showing slight strength against the USD in trading this morning. The CAD made significant gains on Friday following the weak employment data out of the United States. The price of oil is supporting the CAD strength, trading above $50 per barrel with an increase of more than $1 this morning. The Bank of Canada will keep a close eye on the price of oil and employment data scheduled this week before the next rate announcement on April 15, 2015.
Todays expected range: 1.2408 – 1.2508
Posted by Concentra Financial Markets