Latest Story

23.04.14

Today’s main North American macro risks will be Canadian Retail Sales at 8:30AM and US New Home Sales at 10:00AM. For CAD retail sales, the market is looking for 0.5% on headline and ex-auto vs. last month’s upside surprises of 1.3% and 1.0%.

Given the strong retail sales print in the US and rising Consumer Confidence in Canada, our bias is to the upside for today’s print. This is also in line with our economists’ forecast (0.6%). Our Canadian Economic Surprise Index is in positive territory for the first time since January, and the market may still be too bearish on the Canadian story in the short-term. With December’s retail sales print heavily impacted by the weather, January’s robust print may have been payback for the prior month’s weakness, and in part this may carry over into today’s print.

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22.04.14

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17.04.14

Improvements in the US data are meaningful, trending higher, and will continue to uncomfortably pressure bond holders into selling ahead of the holiday weekend. The main North American macro risks today will be Canadian CPI and US Jobless claims at 8:30AM. Our economist forecasts a strong CA CPI, which may lend to CAD buying.

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16.04.14

With the topic of the Great Moderation floating to the surface more recently, investors may see greater justification for the low level of implied volatilities beyond its underperformance over shorter horizons. While volatility needn’t be a buy in the immediate future, the growing share of growth contribution and market relevance of emerging market economies could mean a greater degree of difficulty in...

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Format: 23/04/2014
Format: 23/04/2014

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