Published at 12:38 (GMT) 31 Jul
Canadian GDP for May showed growth at a rate of +0.1% m/m compared to April's +0.3% m/m rate, which was just under the market estimate of +0.2% m/m.
Canadian PPI data was also released with June IPPI at -0.3% m/m compared to -0.1% m/m in May (revised from flat), which was lower than the market estimates of -0.1% m/m. For Raw Material Prices, a very volatile release, the June rate was -4.0% m/m compared to May's -1.1% m/m (revised from -1.0% m/m) which was higher than the market estimates to -3.0% m/m.
CAD's reaction to the data, which was generally close to expectations was to extend the intraday trend vs both EUR and USD by ticking higher in light, pre-FOMC, pre-ECB, pre-US employment and month-end. M.B.