CANADIAN RETAIL SALES DATA AND BANK OF CANADA
Canadian Retail Sales appeared to stagnate is September while the August print was revised from a previous -0.3% to a print 0f -0.1%. The August retail turnover however should be taken with a pinch of salt given the port strikes in British Columbia. 12% of surveyors reported lower business activity because of issues with supply chain logistics caused by the strikes.
Source: Statistics Canada
A positive for the Bank of Canada (BoC) as Canadian inflation slowed down in September despite the increase in fuel prices. The Core and Headline rate coming in below expectation and will certainly help given the pessimistic tone we heard recently from Deputy Governor Vincent. The inflation release and stagnation in Retail Sales should surely mean a pause from the BoC at next week meeting. Markets participants are currently pricing in an 84.1 chance that rates will be held steady and just a 15.9% chance of a 25bps hike. The BoC meeting is scheduled for next week Wednesday, October 25 at 14h00 GMT.
For all market-moving economic releases and events, see the DailyFX Calendar
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