Inflation in Canada reached in May levels not seen since 1983. Analysts at CIBC point out that CPI numbers makes a 75 basis points interest rate hike at the next meeting a near certainty and suggest that the peak in rates could be higher than 2.75%. Key Quotes: “There was no rest for those of … Read more
Data released on Tuesday showed retail sales in Canada rose 0.9% on April, surpassing expectations, even as March’s figures were revised higher. According to analysts at the National Bank of Canada expect retail sales to moderate price increases and higher interest rates. Key Quotes: “Consumer expenditures on goods came out a little better than expected. … Read more
On Wednesday, inflation data from Canada will be released. Market consensus sees a 1% increase in the Consumer Price Index. Analysts at TD Securities expect a 0.9% increase fueled by gasoline and food prices. They consider declines in USD/CAD are likely hard to sustain. Key Quotes: “We look for CPI to strengthen to 7.2% y/y … Read more
Global rating giant Fitch affirmed Canada’s Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings (IDR) at ‘AA+’ with a Stable Rating Outlook. Fitch expects firm Canadian economic growth of 3.8% in 2022, decelerating to 2.2% in 2023. “Fitch’s baseline is that BOC will lift the overnight rate another 150bps to 3% by YE2022 and sustain it … Read more
Economic data released on Friday showed the jobs in Canada rose by 39,800 in May, surpassing expectations. Analysts at CIBC, consider that recent economic data means that the Bank of Canada could raise its interest rates a little higher. Key Quotes: “A further solid rise in employment, decline in the jobless rate and sharp acceleration … Read more
The Canadian economy added 38,900 jobs in May, according to the latest data released by Statistics Canada on Friday. .
Data released on Tuesday showed that Canadian GDP rose below expectations during the first quarter. On Wednesday, the Bank of Canada (BoC) will announce its monetary policy decision. Analysts at CIBC point out that despite GDP figures, the central bank is still for a 50bp rate hike. Key Quotes: “Statisticians threw the Bank of Canada … Read more
USD/CAD is little changed on the session. Looking ahead, economists at Scotiabank expect the pair to tick down towards the low 1.27s. More range trading in the short-run “We look for the CAD to pick up a little more support in the short run if the data run continues to support the impression that the … Read more