For the week of May 19 to 22
It is fairly quiet throughout North America this morning. In Canada, the Bloomberg Nanos Confidence Index is the lone release and will update for the week ending May 15, 2015, following the release of 56.8 in the previous weeks update. A reading above 50 on the index indicates net positive views on the economy. In the United States today headlines include Housing Starts and Building Permits, where Housing Starts has released at a revised value of 4.9% (20.2% actual) in comparison to March data of 2.0% and Building Permits with a revised -5.5% (10.1% actual) in comparison to the last release of -5.7%.
With a quiet week ahead focus in Canada falls at the end of the week with Inflation and Retails Sales data; where surveys expect CPI MoM to decrease to 0.2% in comparison to March data of 0.6% and month over month Retail Sales data to decrease to 0.3% from the prior release of 1.7%. In the United States the week ahead is much busier with highlights including MBA Mortgage Applications tomorrow, unemployment data Thursday and Inflation rounding out the week on Friday.
In the currency markets the Canadian dollar is down slightly following the 1.2% drop in USD/CAD yesterday, the largest since early February. Looking to the week ahead focus shifts to tomorrow where Bank of Canada Governor Poloz will be speaking with a speech titled ‘The Way Home: Reading The Economic Signs’ which will be released at 11:30 a.m. EST followed by a press conference at 1:00 p.m. EST.
Today’s Expected Range: 1.2152 – 1.2252
Posted by Concentra Financial Markets