Weekly Economic Update

For the week of February 19 – 22.

A shortened week in Canada will come with a short list of data releases for the country. However, releases such as wholesale trade data and retail sales growth (both for December) could possibly have impact on the economy. Retail sales growth is expected to be flat at zero percent on a headline basis, and is expected to have dropped by 0.5 percent when removing the effect of auto sales. Scheduled data releases for the United States this week include durable goods, Markit US manufacturing, and existing home sales.

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As a result of the meetings in Beijing last week, Trade talks occurring between the United States and China will shift venues to the United States this week. Chinese President Xi Jinping, mirroring similar comments made by US President Donald Trump, noted “important progress” is being made in the discussions. Jinping further states he values the relationship held between Trump and himself, calling it a “good working relationship”.

Donald Trump signed the bipartisan bill to avoid another government shutdown in the United States, while also declaring a national emergency in order to secure funding for a border wall. It appears Trump will be both directing and redirecting approximately $8 billion dollars in order to build the wall.

The Canadian dollar is currently trading down against the US dollar. Today’s expected range is 1.3206 – 1.3306.

Source: Bloomberg

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