For the week of December 21 to 25
It will be a very quiet day for economic releases today in Canada with only the Bloomberg Nanos Confidence scheduled to release. Last Friday, CPI year over year for November fell just short of an expected 1.5% increase and posted a gain of 1.4%, an increase from October’s posting of 1.0%. It will also be relatively quiet in the United States today with the Chicago Fed National Activity Index being the only expected release. This measure, which indicates economic activity and inflation, is expected to be released at a level of 0.1, which is an increase from last month’s posting of -0.04.
Canada will remain quiet throughout the rest of the week, with the only economic releases coming on Wednesday when numbers will be released for GDP and Retail Sales. GDP month over month for October is expected to rise by 0.2% after a drop of 0.5% in September. Retail Sales month over month in Canada for October are expected to rise by 0.4% after also falling 0.5% in September. There will be more action in the United States this week with postings expected from GDP Annualized quarter over quarter, MBA Mortgage Applications, Personal Income, Personal Spending, along with others.
In the currency markets, the Canadian dollar is relatively flat compared to United States dollar in early trading this morning. Moves in the exchange rate today and throughout the week will likely come from changes in the oil price or any unexpected numbers released in Canada or the United States. The price of oil is once again falling this morning and is sitting at a level of approximately $34.37 after falling over 35 cents per barrel this morning.
Todays expected range: 1.3920 – 1.4020
Posted by Concentra Financial Markets