Canada: Mixed economic data – TDS
|TD Securities analysts note that the Canada’s February CPI and retail sales for January were mixed, as a modest upside surprise on CPI was overshadowed by another pullback in retail sales, feeding into the narrative consumer-led led slowdown.
Key Quotes
“The combination of further weakness in retail sales alongside weaker core inflation strengthen our conviction that the Bank of Canada is done with rate hikes this cycle.”
“Retail sales fell by 0.3% m/m in January (TD/market: 0.4%) for the third consecutive decline and fifth in the last six months, which accompanied downward revisions to December (-0.3% from -0.1%).”
“A small upside was realized in February CPI (0.7% m/m, 1.5% y/y), matching our forecast. But as we had flagged, core inflation slipped on average to 1.83% from 1.87%, lending an overall downbeat tone to the report.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.