Weekly Economic Update

For the week of September 24 – 28.

Canada’s most important scheduled data release this Friday will be July’s GDP update, following up June’s posting of zero percent month-over-month growth rate, and 2.4 percent year-over-year growth rate. Thursday’s scheduled GDP data release in the United States will more than likely be overshadowed by Wednesday’s Fed meeting. As of now, markets fully anticipate (100 percent probability) the Fed will choose to raise interest rates at their meeting.

Canada’s consumer prices for the month of August released in line with expectations. Although prices decreased by 0.1 percent on a month-over-month basis, and increased by 2.8 percent on a year-over-year basis, both releases declined from July’s figures. Transportation was the largest decreasing contributing factor, while clothing and footwear was the largest increasing contributing factor.

Retail sales in Canada met expectations on a headline basis, increasing by 0.3 percent in June after dropping by a revised 0.1 percent. Excluding autos, retail sales jumped to 0.9 percent, exceeding expectations for a 0.6 percent jump.

The Canadian dollar is currently trading down against the US dollar. Today’s expected range is 1.2895 – 1.2995.

Source: Bloomberg

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