There’s Inflation In Canada
The National Bank of Canada | Nov 24, 2014 11:09AM ET
While our neighbours to the south will be celebrating their Thanksgiving this Thursday, the rest of the planet will direct their attention toward OPEC members, as a meeting is being held on that day in Vienna. Rumours are flying regarding the willingness of some members of the cartel to reduce production from 500,000 to 1,000,000 barrels per day, at a time when Crude Oil prices have fallen by close to 30% in recent months.
Looking back on last Friday, the loonie traded at its highest level in recent weeks against the greenback. Canadian inflation figures came in at 2.4% (YoY) for October, with forecasts being instead for 2.1%. Today we are awaiting the release of the Dallas Fed Manufacturing Activity Index(November), as well as the Market U.S. Services PMI (November). On the markets, futures are pointing to a bullish opening this morning.
Have a great day!
Rana Karim
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