Daily digest market movers Canadian Dollar returns to tepid ways amid light Wednesday calendar
The Canadian Dollar fell back a tenth of a percent against the Greenback at the trading week’s midpoint, keeping USD/CAD bolstered near multi-year highs.
Canadian Consumer Price Index (CPI) inflation figures earlier this week helped to extend a near-term Loonie rally, but bullish momentum quickly fizzled.
Data remains thin on Wednesday, with little on the radar for Thursday outside of US weekly Initial Jobless Claims. New benefits claimants are expected to rise slightly to 220K week-on-week for the week ended November 15 compared to the previous week’s 217K.
Loonie markets will pivot into Canadian Retail Sales figures from September on Friday, with the headline figure expected to hold steady at 0.4% MoM while core Retail Sales excluding automotive purchases are expected to rebound to 0.5% MoM from the previous month’s -0.7% contraction.
US PMIs will be the key figures of note on Friday, with both Manufacturing and Services components expected to climb slightly. Manufacturing PMI activity survey results are expected to rise to 48.8 in November from the previous month’s 48.5, while November’s Services component figures are forecast to rise to 55.3 from October’s flat 55.0.
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