Weekly Economic Update

For the week of May 11 to 15

463005465It is fairly quiet throughout North America this morning. In Canada, the Bloomberg Nanos Confidence Index will update for the week ending May 8, 2015, following the release of 56.8 in the previous weeks update, hitting the highest level since mid-January. A reading above 50 on the index indicates net positive views on the economy. In the United States, the Labor Market Conditions Index will update for April after falling to -0.3 in the latest release.

Focus this week throughout Canadian markets falls on the updates to the New Housing Price Index scheduled to update on Thursday, May 14, followed by an update to Manufacturing Sales on May 15. The New Housing Price Index is expected to rise by 0.1% for March following a gain of 0.2% in the most recent update while Manufacturing Sales are forecast to increase by 1.1% after falling by 1.7% in the February release. Headlines throughout the United States this week include updates to the Monthly Budget Statement, Retail Sales, and the Producers Price Index. Retail Sales are expected to rise by 0.2% in April while the PPI is expected to post a gain of 0.1%.

In the currency markets, the Canadian dollar is weak in early trading this morning with the USD showing broad strength against a majority of its counterparts and the price of oil falling below $60 per barrel. It is expected to be a quiet day in terms of volatility due to the lack of data on the domestic schedule. The CAD will be at risk to broader economic data and activity out of the U.S.

Todays expected range: 1.2051 – 1.2151

Source: Bloomberg

Posted by Concentra Financial Markets

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