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In October, the Canadian economy managed to surge at a faster-than-anticipated tempo, although evidence of economic momentum heading into the end of 2018 might not be enough to get the country’s key financial institution out of the sidelines because of the recent dive in crude.
In October, the country’s GDP headed north by 0.3% from the previous month, underpinned by strength in insurance, manufacturing, and finance. That’s what Statistics Canada data revealed.
Market experts had hoped that monthly GDP would tack on by up to 0.2%.
Since October, the price of crude, which appears to be one of the country’s key exports, has gone down nearly 40%.
Since July last year the Bank of Canada has had its benchmark interest rate lifted up to five times bringing it to the reading of 1.75%. However, hopes for further tightening were confounded after Canada’s main financial institution left rates intact earlier this month and hinted that the tempo of future lifts could be more gradual.
Financial markets count on 14 basis points of tightening in 2019, in contrast with 43 basis points prior to the December policy announcement.
Market experts still hope annualized fourth-quarter surge would fall short of the major bank’s 2.3% forecast because of crude production trims.
As some market experts pointed out, the data gets along with their 1.7% forecast for Q4 GDP. However, they will require reliable news outside the energy sector to have that mark reached.
On Friday, the Canadian dollar went down reaching a 19-month minimum of 1.3564 to the evergreen buck due to the fact that pressure on equities and the price of crude compensated the firmer-than-anticipated GDP leap.
According to separate data from Statistics Canada, the value of the country’s retail trade managed to leap by 0.3% in October the previous month due to higher sales at car dealers as well as gasoline stations. Market experts had predicted a 0.4% rally.
The last week was so eventful for traders: FOMC Meeting, Bank of England’s rate decision, the OPEC+ meeting, and also NFP. This week is going to be interesting as well! Let’s see what you should focus on.
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
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As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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