Daily digest market movers: Canadian Dollar finds tepid Monday markets and a limited data docket
- Canadian Housing Starts rose to 264.5K YoY in May, above the forecast for 247K and rising from the previous period’s revised 241.1K.
- However, the CREA’s Canadian Home Price Index fell 0.2% MoM in May and fell 2.4% YoY. The CREA also noted that home sales declined 0.6% MoM in May as activity remains constrained.
- The US NY Empire State Manufacturing Index recovered to a four-month high of -6.0 in June, higher than the forecast of -9.0 and well above the previous -15.6. Despite the recovery, the NY Empire index has remained in contraction territory since November of last year.
- Tuesday’s US Retail Sales will be the key data release of the early week, and investors will be keeping one eye turned to the news feeds. A slew of policymakers from the Federal Reserve are expected to appear this week.
- Wednesday’s Juneteenth US holiday will see a lull in the midweek market flow.
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