Daily digest market movers: Canadian Dollar pares gains as Canadian data slips
- MoM Canadian Retail Sales declined -0.1% in February, improving from the previous month’s -0.3% decline but missing the forecasted 0.1% uptick.
- Retail Sales Excluding Autos also tumbled -0.3% versus the forecast of 0.0%. January’s print was revised slightly lower to 0.4% from 0.5%.
- A broad-market recovery in the US Dollar is further pressuring CAD as investors rethink Tuesday’s broad risk appetite rally.
- Thursday’s Q1 US GDP is expected to print at 2.5% on an annualized basis, down from the previous print of 3.4%.
- Traders are hoping that Friday’s US PCE Price Index holds steady at 0.3% in March.
- Financial markets desperate for signs of rate cuts from the US Federal Reserve (Fed) have grown increasingly frustrated with ongoing signs of stubborn inflation in the US economy. Friday’s figures will drive plenty of volatility as markets grapple with rate cut forecasts
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