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Major News This Week

ByThe National Bank of Canada
Published 07/04/2013, 03:46 AM
Updated 05/14/2017, 06:45 AM
NWSA
-1.06%
GDP
0.00%

The figures released last Friday on Canada’s Gross Domestic Product confirmed the forecast, with only slight 0.1% growth in April and 1.4% on an annual basis. Such weak growth did not help the loonie, which closed on Friday at its lowest level since October 2011. In the U.S., the Gross Domestic Product for the first quarter was revised down from 2.4% to 1.6%. Finally, on Friday markets were pleasantly surprised with the release of the Consumer Sentiment Index, which rose from 75.1 to 81.4. Yesterday, while the Canadian market was closed, the Americans have released good news while the ISM manufacturing index came out at 50.9, while economists expected 50.5.Have a good week!
Forecast Previous
The Loonie

“A good decision is based on knowledge and not on numbers.” - Plato

The week that ended on Friday proved very interesting in the currency markets. Following all the turbulence of the previous week spurred by the Fed’s speech on Thursday, we saw more of the same in markets last week. The greenback continued to be lifted by strong demand in the currency markets. The DXY Index, which measures the value of the U.S. dollar against a basket of six other major world currencies, closed higher in 7 of the 9 trading sessions since the Fed’s announcement. The Canadian dollar did not escape the trend and has reached its lowest level against the greenback since October 2011 (the green line). So it is in this highly unfavourable environment for the loonie that we await the release of data on Canada’s Gross Domestic Product (GDP) for April 2013.

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