For week of August 4 – 7, 2015
In Canada this morning, the RBC Canadian Manufacturing Index will update for July following a release of 51.3 in the most recent update and the Bloomberg Nanos Confidence Index will update for the week ending July 31. The Confidence Index has fallen in four straight weekly releases coming into today, currently sitting at 53.4. In the United States, Factory Orders are expected to rise by 1.8% in June, following a drop of 1.0% in the previous update.
Focus throughout Canada this week falls on Fridays update to Employment data. Forecasts are calling for a net increase of 7.4K jobs with the unemployment rate holding at 6.8%. The focus in the United States this week will also fall on employment data with expectations to see Nonfarm Payrolls increase by 225K, following a gain of 223K in the previous update. It is also expected to see the unemployment rate hold at 5.3%.
In the currency markets, the Canadian dollar has partially recovered some of the losses experienced yesterday, trading near 1.3135 this morning. The price of oil is up slightly this morning, trading at $45.90 per barrel. Moving forward, focus will fall on continued fluctuations in the price of oil and this week’s employment data out of both Canada and the United States.
Todays expected range: 1.3089 – 1.3189
Posted by Concentra Financial Markets