FX Daily Update
The National Bank of Canada | Sep 26, 2016 09:20AM ET
Disappointing Canadian economic data
On Friday, two major data points darkened investors’ outlook on Canada’s economic performance. Core Inflation came in at 1.8% for August, the lowest level in the past two years. We also learned that Retail Sales Less Autos dipped 0.1% in July although markets had anticipated growth of 0.5%. As a result, the Canadian dollar lost more than 100 basis points during the trading day on Friday. The 4% drop in oil prices (WTI) further to rumours of a deadlock in setting production quotas at the OPEC meeting in Algiers also certainly did nothing to help the loonie.
Today, we’ll be keeping an eye on U.S. New Home Sales. Markets anticipate an 8.3% decline in August after a jump of 12.4% in July. We will also be paying close attention to developments out of Algiers, due to the major potential to influence WTI prices.
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