Daily digest market movers Canadian Dollar sticks to the midrange on mixed economic data
Canada’s New Housing Price Index contracted by 0.4% MoM in October, down from the last print of a flat 0.0%, while investors were hoping for a 0.1% uptick. Despite the near-term downtick, Canada’s New Housing Price Index is still up 0.8% YoY.
Canadian Retail Sales printed unchanged at 0.4% MoM in September, as markets expected.
Core Canadian Retail Sales excluding automobile purchases lurched high to 0.9% MoM, walking back the previous month’s -0.8% contraction and stepping over the median market forecast of 0.5%.
Market data reactions were fully absorbed by US Purchasing Managers Index (PMI) survey results that came in higher across the board, bolstering the US Dollar and limiting upside potential for the Loonie.
It’s a quiet data docket on the cards for next week: Canada is almost entirely absent from the calendar schedule until next Friday’s Gross Domestic Product (GDP) update, with US GDP and Personal Consumption Expenditures Price Index (PCEPI) due on Wednesday.
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