Canada: CPI and retail sales data awaited – Danske Banks

Analysts at Danske Bank suggest that the Canadian retail sales and CPI data are going to be the key economic releases which will likely garner maximum investors’ attention.

Key Quotes

“As the Bank of Canada has embarked on a tightening cycle recently with the rates market pricing in another hike by year-end, financial markets will take stock of the Canadian CPI and retail sales data due for release today, to see whether data supports tighter monetary policy in Canada.” 

“The oil market will focus on the release of the weekly US oil rig count and looks for more signs of negative supply response among US producers to low oil prices. Furthermore, the oil market will watch out for headlines from OPEC as the cartel is set to review compliance to current output cuts over the weekend in addition to starting talks with Libya and Nigeria over whether to include the two nations in the deal.”

“Finally, US politics has gained attention this week and the market will look to see if further progress is made in the attempt to repeal Obamacare and also for news on the ongoing investigation of President Trump.”