- Canadian retail sales’ release is the most noteworthy report during the US session
- German ZEW economic sentiment for August on the agenda before noon
- API report on crude oil stocks could shake the commodity price
Today’s economic calendar is rather calm and does not abound with many relevant readings but those which are scheduled for today could prove to be sufficient to exert some pressures on the Canadian dollar in particular. Let us present a full tally of prints for Tuesday’s session.
10:00 am BST – German ZEW economic sentiment: The German economy has been thriving since the beginning of this year and consumer and economic indicators suggest excellent spirits which have a chance to hold up the uptrend in growth going forward. However, taking account of the higher euro ex-change rate one could suppose that some companies might become more cautious as far as future spending is concerned. For that reason today’s release could be especially worth looking at. The index is slated to come in at 15 while the last month saw 17.5.
1:30 pm BST – Canadian retail sales: The Canadian dollar has had a stormy year so far. Yet before the summer odds for a hike were fairly low but things changed dramatically with the BoC hiking rates and pointing at a closing output gap. Even as consumption is not so crucial for Canadian growth as it’s in case of the US economy (for instance), it could indicate how consumers’ purchases looked like a month before a rate hike (the data is for June). The consensus suggests 0.3% mom and 0% mom for headline and ex-auto print respectively.
9:40 pm BST – Crude oil stocks by API: A weekly change in oil inventories reported by the API tends to be a bellwether of the DoE’s releases which is published the next day. Oil prices surged on Friday on the Venezuelan story, albeit were unable to maintain those gains yesterday. In effect, almost the whole profit was wiped off. Today’s print could shake prices once again.
WTI oil prices have managed to defend a support placed at $47, hence an upward move towards $50 seems to be on the cards. Source: xStation5