Daily digest market movers: Data drives little chart movement, investors buckle down for the wait to Fed
- Seasonally-adjusted Canadian Housing Starts for the year ending in February rose to 253.5K, easily clearing the forecast of 230K and the previous period’s 223.2K (revised down from 223.6K).
- Canadian Wholesale Sales in January also recovered to a slim 0.1%, bouncing from the forecast of -0.6%. The previous month’s Wholesale Sales were revised to -0.3% from 0.3%. Next-to-flat prints in the revision-prone indicator are unlikely to drive much investor confidence.
- The University of Michigan’s US Consumer Sentiment Index ticked slightly lower in March down to 76.5 versus the market’s forecast hold at the previous 76.9.
- UoM 5-year Consumer Inflation Expectations in March held steady at 2.9% as US consumers remain skeptical that the Fed will successfully drag inflation below 2%.
- US MoM Industrial Production recovered a slim 0.1% in February, snubbing the market’s forecast of 0.0%, but only slightly. The previous month’s Industrial Production was revised down to -0.5% from the initial print of -0.1%.
- Next Tuesday’s Canadian CPI for the year ended February is expected to increase to 3.1% from the previous 2.9%. The Bank of Canada’s (BoC) Core Consumer Price Index (CPI) last came in at 2.4%.
- Canadian Retail Sales are also forecast to contract, with markets expecting a -0.4% print versus the previous 0.9%.
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