A Pleasant Surprise From the Constructor Sector
The release of Housing Starts figures in Canada yesterday showed that the construction sector rebounded somewhat in May. On an annualized basis, more than 201,000 housing starts were undertaken in May, clearly higher than what had been forecast. According to pundits, this performance stemmed from the kickoff of several large urban condominium projects and that it could be short-lived. Despite all this, the construction sector should contribute in a positive way to the economic growth recorded during the quarter.
Even though crude oil prices fell yesterday, the loonie ended the day higher against the greenback. For its part, the U.S. dollar also fell against other major currencies. According to certain sources, U.S. President Barack Obama expressed some concerns at the G7 summit about what a strong U.S. dollar could do to his country’s economy. President Obama is also reported to have asked the various stakeholders involved in the Greek saga to be more flexible.
There is little expected on the economic calendar today for both Canada and the U.S. Of note are Wholesale Inventories in the U.S.
