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Major News This Week : September 17, 2013

ByThe National Bank of Canada
Published 09/17/2013, 07:04 AM
Updated 05/14/2017, 06:45 AM

Last week brought encouraging news about the Canadian real estate market. First, the Building Permits figure for July was up 20.7% in dollar terms. Also, the Teranet – National Bank National Composite House Price Index rose 0.6% in August, and the New Housing Price Index increased 0.2%. All this data surpassed analysts’ expectations. The news were more mixed in the U.S. Initial Jobless Claims, released on Thursday, was a low 292,000, the best figure seen in seven years. On Friday, the data on Retail Sales for August and the Michigan Consumer Sentiment Index were lower than expected. Australia’s employment figures for August were very disappointing, with a net loss of over 10,000 jobs for a second month in a row. Have a good week!

Previous Forecast
The Loonie
“Better mad with the rest of the world than wise alone.” - Baltasar Gracian

Foreign exchange markets, and in particular the USD/CAD pairing, appeared relatively flat last week, as participants waited for the U.S. Federal Reserve’s decision on its monetary easing policy. Many analysts believe that the Fed will begin tapering its injections of capital into the market. The main point of contention surrounds the best time to start doing this, in synch with the health of the economy. As we explain below, the U.S. economy is sending signals that are, at the least, slightly contradictory. Investors just can’t get a break!

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