Weekly Economic Update

For the week of January 28 – February 1.

It was a slow end for data last week with no releases out of Canada on Friday. United States experienced a postponement of releases due to government shutdown of durable goods and new home sales. The lack of data left investors little to digest outside of trade, global events, and government shutdown discussion.

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The only notable release for Canada this week is GDP. November GDP figures for the country are expected to be released on Thursday following a previous growth posting of 0.3 percent on a month-over-month basis and 2.2 percent on a year-over-year basis, which will give markets something to look forward to.

Expected data releases in the United States this week include postings for wholesale inventories, ADP employment, annualized GDP, personal spending and income, nonfarm payrolls, ISM manufacturing and construction spending. Depending on the status of the government shutdown in the United States, we could see more or less than the anticipated amount. In addition to these releases, the Fed will be holding a policy decision meeting on Wednesday where the expected decision will be “no change”.

The Canadian dollar is currently trading down against the US dollar. Today’s expected range is 1.3185 – 1.3285.

Source: Bloomberg

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