Weekly Economic Update

For the week of July 13 to 17

487806549It’s a quiet day out of both Canada and the U.S. In Canada, only the Bloomberg Nanos Confidence index for the week ending July 10 is scheduled for release. South of the border, the U.S. monthly federal budget debt summary statement for June will be released with the median estimate surveyed to be in a deficit position of $50.0B, down from May’s $82.4B deficit. In currency markets, USDCAD remains soft hovering around 1.2730.

Moving into the week ahead…

In Canada, we’ll see a busy Wednesday with manufacturing sales for the month of May released with expectations of a 0.3% increase in comparison to April’s 2.1% decline. More importantly, the Bank of Canada is set to release its rate decision, statement, and monetary policy report (MPR). According to Bloomberg, approximately 55% of its surveyed respondents expect a 0.25% rate cut this week, down to 0.5%. Ending out the week, CPI will be released on Friday with core expected at 2.1% YoY and -0.1% MoM.

Out of the U.S., Retail Sales for the month of June will be released Tuesday with expectations of a 0.2% increase after a 1.2% increase in the prior month. Excluding automobiles and gasoline, sales are expected to advance 0.4%. On Wednesday, Producer Prices (PPI) will be released with June’s prices expected to increase 0.2% and declined 0.9% from a year prior. Empire Manufacturing and Industrial Production will also be released for July and June, respectively on Wednesday. Rounding out the week, Initial and Continuing Jobless Claims will release on Thursday and CPI on Friday. Consumer prices are expected to have increased 0.3% for the month of June and 0.1% YoY. Excluding volatile food and energy the index is expected to increase 0.2% and 1.8% on a monthly and yearly basis.

Source: Bloomberg

Posted by Concentra Financial Markets

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