Weekly Economic Update

 

For the week of April 24-28.

Data out of Canada this week will be headlined by February GDP figures at the end of the week, but will include postings for wholesale trades and retail sales. February’s GDP figures are following a strong posting of 0.6 percent growth in January on a month-over-month basis. Data expected out of the United States this week includes new home sales, wholesale inventories, durable goods orders, GDP, and University of Michigan sentiment.

When Donald Trump announced last Friday he would be releasing a tax plan this week that included cutting corporate taxes, equity markets reversed their declines while bond yields recovered in the United States.

Investors showeiStock-108351348.jpgd concern leading up to the weekend’s vote in France determining the two front-runners: centrist Emmaunel Macron and far-right Marine Le Pen. Risk appetite has been increasing as investors are comfortable with a Macron victory, and polls are showing he is favorable to come out on top in the last round of voting on May 7. Equity markets and bond yields are showing market relief this morning.

The price of oil is up this morning on continued speculation that production cuts currently in place will be extended to bring the market back into balance. Prices are currently up 0.83 percent and the Canadian dollar is trading with strength against the US dollar. Today’s expected range is 1.3384 – 1.3484.

Source: Bloomberg

Posted by: Concentra Financial Markets

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