Weekly Economic Update

For the week of November 12 – 16

It will be a quiet and short week for data in Canada, with the only market-moving data coming in the form of manufacturing sales and international securities transactions, both of which release on Thursday. We will see a bit more out of the United States this week with releases expected for consumer prices, retail sales and industrial production, among others. Consumer prices are expected to have grown by 0.3 percent on a headline basis during October, three times the speed that was seen in September. On a year-over-year basis, this should put growth at 2.5 percent. Excluding food and energy, growth rates are expected to sit at 0.2 and 2.2 percent respectively.

The string of declines in oil prices has reached eleven business days as priced ended the day down by 0.43 percent on Monday. Prices are down by a further 1.94 percent this morning. Prices shrugged off news that a potential 2019 output-cut could be on the table at an OPEC meeting over the weekend. Crude production the United States was at a record high last week with a level of 11.6 million barrels per day.

The Canadian dollar is currently trading up against the US dollar. Todays expected range is 1.3182 – 1.3282.

Source: Bloomberg

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