What can we expect from Canadian GDP?
Yesterday was relatively calm with U.S. markets closed for Memorial Day. The greenback remained roughly stable against the other major currencies, except possibly the euro, which was spurred on by the release of a report indicating greater confidence regarding the eurozone’s economic situation. The single currency has continued to gain ground this morning after inflation data came in slightly less awful than the month before, with prices in May apparently dipping 0.1% compared to 0.2% the previous month.
Today, we’ll be starting off with a bang with several important indicators on both sides of the border. In Canada, Q1 2016 GDP will be announced at 8:30. Our economists are calling for solid growth thanks to rebounding exports and consumption, but are stressing that corporate investments could make the difference between enthusiasm and disappointment. South of the border, several consumption-related indicators are on tap, including Personal Spending and Consumer Confidence.
