Weekly Economic Update

For week of December 28, 2015 – January 1, 2016

It will be another quiet day for Canada with the only expected release being the Bloomberg Nanos Confidence data. In the United States, Consumer Confidence is expected to make a posting of 93.8 for the month of December after a posting of 90.4 in the month of November. S&P/CS Composite-20 is expected to grow by 5.6% percent for the month of October after growing 5.45% for the month of September.

There will be little economic data posted throughout Canada this week. CFIB Business Barometer is releasing data on Thursday for the month of December after a posting of 58.7 for the month of November. More data is expected to come from the United States this week with postings expected for Pending Home Sales, Initial Jobless Claims, and Chicago Purchasing Manager. Pending Home Sales are expected to grow by 0.6% through the month of November after growing only 0.2% in the prior month. Initial Jobless Claims are expected at 270k as of December 26th, rising from 267k in its last posting.

In the currency markets, the Canadian dollar is down in comparison to the United States dollar in early trading this morning. This follows a relatively strong week for the Canadian dollar, due in part to rising oil prices. Oil is once again on the rise this morning and is up 27 cents to $37.07 per barrel early this morning. Changes in the exchange rate will likely follow the price of oil today and throughout the week.

Expected range: 1.3877 – 1.3977

Source: Bloomberg

Posted by Concentra Financial Markets

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