The Canadian dollar has recovered some losses but remains down for the week. The data shows a further decline in Canada’s Retail Sales, limiting the recovery. Broad market risk appetite recovers after US inflation expectations ease.
Canadian Retail Sales slid -0.2% MoM in March, missing the forecasted recovery to 0.0%. US Durable Goods Orders rose 0.7% in April, shrugging off the -0.8% forecast. The University of Michigan’s Consumer Sentiment Index printed higher at 69.1 compared to the previous month’s 67.4. Median market forecasts had expected a slight uptick to 67.5.
The University of Michigan’s 5-year Consumer Inflation Expectations in May eased to 3.0% versus the expected hold at 3.1%. Market sentiment is recovering after a midweek spike in risk aversion sparked by a harsh rebalancing of investor rate cut expectations.
The CME’s FedWatch Tool shows that rate markets are pricing in nearly-even odds of a Federal Reserve rate cut in September, down sharply from 70% at the beginning of the week.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Canadian dollar has recovered some losses but remains down for the week. The data shows a further decline in Canada’s Retail Sales, limiting the recovery. Broad market risk appetite recovers after US inflation expectations ease. Canadian Retail Sales slid -0.2% MoM in March, missing the forecasted recovery to 0.0%. US Durable Goods Orders rose …<\/p>\n","protected":false},"author":13,"featured_media":94221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6895,6987,7002,7457],"class_list":["post-101626","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-canada","tag-inflation","tag-retail-sales","tag-university-of-michigan"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=101626"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101626\/revisions"}],"predecessor-version":[{"id":101632,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101626\/revisions\/101632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/94221"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=101626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=101626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=101626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}