For the week of September 21 to 25
In Canada this morning, Wholesale Trade Sales have remained unchanged for the month of July, releasing below forecasts calling for a gain of 0.8%. Later this morning, an update will be made to the Bloomberg Nanos Confidence Index which is currently sitting at 53.3. In the United States, existing home sales are expected to fall by 1.6% in August after posting a gain of 2.0% in the previous update.
It is scheduled to be a fairly quiet week of domestic data throughout Canada. Focus will fall on the update to retail sales for July, scheduled to release on Wednesday. Retail sales are expected to post a gain of 0.8% on a month-over-month basis following a gain of 0.6% in the most recent update. In the United States this week, attention will shift Friday’s update to GDP which is expected to post a second quarter annualized gain of 3.7%.
In the currency markets, the Canadian dollar has shown slight strength against the USD in early trading this morning as the price of oil has risen by over $1 per barrel now trading at $45.72. Bank of Canada Governor Poloz will be making a speech on “riding the commodity cycle” this afternoon which is expected to be the center of attention for CAD traders. It is expected to see Poloz match the tone from the previous Bank of Canada announcement but markets will be listening closely to see if the outlook has changed at all.
Todays expected range: 1.3167 – 1.3267
Posted by Concentra Financial Markets