Canada: Economy continued to grow at the start of Q4 – CIBC


Share:

Data released on Friday, showed the Canadian economy expanded 0.1% in October. Analysts at CIBC point out the upward revision to September and the modest growth in October/November leaves Q4 GDP tracking between 1% and 1.5%, which is above the Bank of Canada’s October Monetary Policy Report forecast of 0.5%. 

Key Quotes: 

“Statistics Canada provided a small dose of Christmas cheer, with news that the Canadian economy continued to grow (albeit only modestly) at the start of the fourth quarter. Combined with a slight upward revision to September, today's data leave Q4 as a whole tracking around 1.3%. That's above the Bank of Canada's October projection for growth of only 0.5% during the quarter, although not by enough on its own for us to project a further interest rate hike.”

“The industry data can sometimes diverge from the final expenditure figures, and we suspect that the employment data for December and the BoC's own business and consumer surveys will be more important in determining if policymakers raise interest rates any further. We maintain our view for a hold at the January meeting, and feel that the Bank has already done enough to slow the economy and inflation notably in 2023.”
 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD keeps range near 1.0650 ahead of German IFO survey

EUR/USD keeps range near 1.0650 ahead of German IFO survey

EUR/USD is keeping its range play intact near 1.0650 in the early European hours on Monday. Markets stay risk-averse, weighing the Fed's 'higher-for-longer' rate view and lingering China's property market woes. Germany's IFO survey eyed. 

EUR/USD News

GBP/USD remains on the defensive below the 1.2250

GBP/USD remains on the defensive below the 1.2250

GBP/USD remains on the defensive below the mid-1.2200s early Monday. The US Dollar is clinging to the previous week's gains alongside firmer US Treasury bond yields while the Pound Sterling weighs the Fed-BoE policy divergence amid a quiet calendar. 

GBP/USD News

Gold remains stuck below key averages, what’s next?

Gold remains stuck below key averages, what’s next?

Gold price is easing toward $1,920, making it for a negative start to a key week ahead. The United States Dollar (USD) and the US Treasury bond yields have entered a phase of consolidation near last week’s high, as investors look to this week’s inflation data from the US and Europe for a fresh directional impetus.

Gold News

Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2

Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2

Ethereum price is likely going to witness a massive spike in volatility soon due to the circumstances surrounding the approval of the token’s futures Exchange-Traded Fund (ETF). According to Twitter users, the ETF is likely going to be approved on October 2.

Read more

Is inflation falling further?

Is inflation falling further?

A first flash estimate of Eurozone inflation in September is expected. In August, inflation fell slightly to 5.2%. While the downward pressure from energy prices has eased slightly, the momentum of food prices has continued to decline.

Read more

Forex MAJORS

Cryptocurrencies

Signatures