Economic indicators posted overnight reveal a slight downturn in growth for the two largest exporting economies, Germany and China. According to PMI figures, economic activity slowed for the first time in five months in Germany, while China indicated growth of only 50.5. A reading below 50 is considered a sign of economic contraction. Confirmation of these readings over the next few weeks would be bad news for the world economy and, by extension, for the loonie.
Canadian Retail sales data for February are expected today. Markets are anticipating a growth of 0.3%, after an increase of 1.0% in January. Based on the weak employment figures posted since the beginning of 2013, a significant increase in retail sales would be surprising.
South of the border, preliminary PMI data for April will be released today. Markets are forecasting results to be 53.9, much more encouraging than those of Germany and China. New Home Sales figures for March will be released at 10 this morning. Markets are forecasting 1.2%, a sharp increase compared to the previous -4.6%. Have a good day. Xavier Villemaire
Range of the day: 1.0230 - 1.0300
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NBC Daily Forex: Downturn In Growth For Germany, China
Published 04/24/2013, 08:10 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex: Downturn In Growth For Germany, China
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