Daily digest market movers: Canadian Dollar bolstered by rising risk appetite tide
- Canadian Q1 GDP rebounded to its highest growth in a year, climbing 1.7% QoQ, despite missing market forecasts of 2.2%.
- The previous quarter’s GDP was also revised sharply lower to just 0.1% versus the initial print of 1.0%.
- US Core PCE Price Index inflation rose 0.2% MoM in April, below the forecast hold at 0.3%.
- US Personal Spending was sharply lower in April, printing at 0.2% versus the forecast 0.3% and even further back from the previous 0.7% (revised from 0.8%).
- According to the CME’s FedWatch Tool, rate markets are now pricing in 56% odds of at least a quarter-point rate cut from the Fed in September.
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