For the week of June 22 to 26
The Bloomberg Nanos Confidence Index will update in Canada this morning in an otherwise quiet day of economic data. The Index is currently sitting at 56.7 and has been hovering between 56 and 57 since mid-April. In the United States, the Chicago Fed National Activity Index has released at -0.17, below the expected level of 0.12. Later this morning, Existing Home Sales are expected to release at 5.26M, an increase of 4.4% for May after falling by 3.3% in the latest update.
It is a very quiet week throughout Canada without any economic data remaining on the schedule. Focus will fall on headlines out of the United States which include updates to GDP, Personal Income, and Personal Spending. The GDP Price Index is forecasted to fall by 0.1% in the first quarter, matching the drop from the previous release. Personal Income and Spending are both expected to rise with income increasing by 0.5% and spending increasing by 0.7% in May.
In the currency markets, the Canadian dollar has gained against the USD in trading this morning as the price of oil continues to trade near $60 per barrel. CAD movement this week will be based on broader economic development, specifically in the United States due to the quiet schedule in Canada. Bank of Canada policy maker Schembri is scheduled to make a public appearance on Thursday which could provide some domestic risk to the CAD. Looking ahead, the next Bank of Canada rate announcement is scheduled for July 15, 2015.
Todays expected range: 1.2249 – 1.2349
Posted by Concentra Financial Markets