Canadian growth on the menu today
The truce between observers and the various asset classes seen over the last few days is continuing this morning. The fact that we must wait until a new British government is elected before separation procedures can officially begin is greatly contributing to appeasing the panic caused by the initial shock. The crucial issue will be to determine whether the new government is pro-Brexit or not.
Fueled by gains in oil following yesterday’s announcement of a significant drop in U.S. inventories and production, the loonie was able to recover some of the ground lost, but efforts remains half-hearted overall. On the eve of a long weekend with month-end activity, there are various possibilities.
In economic news, we are keeping an eye on Canadian GDP data for April at 8:30 this morning. These figures will enable us to gauge the strength of the Canadian economy in the context of rebounding crude oil prices. South of the border, we are watching for Initial Jobless Claims at 8:30 and the Chicago Purchasing Manager Index at 9:45.