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19 Aug 2022

19 Aug 2022

Market Wire: Canadian Retail Sales Accelerate Into a Pothole

Canadian retail sales increased by more than expected in June, but the headline number was largely driven by stronger vehicle sales and a 6.2 percent monthly jump in oil prices – measures of core consumer spending landed much closer to consensus projections, and estimates for July are pointing to the first drop in seven months. Data released by Statistics Canada this morning showed retail sales rising 1.1 percent on a month-over-month basis in June, beating consensus expectations for a 0.4 percent gain. Sales at auto and parts dealers rose 1.8 percent, while gas station receipts jumped 3.9 percent. Sales excluding...

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19 Aug 2022

Market Briefing: Dollar Jumps Into the Hole

Traders are cutting risk and buying the dollar going into the holiest of holies on the central bank calendar – the annual Economic Symposium in Jackson Hole, Wyoming. Treasury yields are rising, equity futures are dropping, and the trade-weighted greenback is up roughly 0.3 percent as markets position ahead of Federal Reserve chair Jerome Powell’s speech next Friday morning. Mr. Powell is widely expected to argue against the arguably-premature loosening in financial conditions that has occurred since the July meeting, attempting to better align market forecasts with the central bank’s own terminal rate projections. This is unlikely to drive a...

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