Canada Data Response Teranet House Prices (Mar.) Although house price inflation rose to 4.7% in March, from 4.4%, the existing home sales-to-new listings ratio suggests that any further pick-up is likely to be short-lived. 14th April 2015 · 1 min read
US Data Response Retail Sales & Producer Prices (Mar.) The 0.9% m/m rebound in retail sales in March would seem to confirm that the coldest winter on record in the Northeast explains much of the weakness in the preceding two months. 14th April 2015 · 1 min read
Canada Economics Weekly Weaker currency will partly cushion hit from low oil prices The Canadian dollar, which has slumped in response to low oil prices, weakening domestic fundamentals and an easing in monetary policy, probably still has further to fall. An even weaker currency... 13th April 2015 · 1 min read
US Economics Update Wacky weather According to the National Climatic Data Center, we now know that the Northeast suffered its coldest winter ever this year. At the same time, the West Coast saw record high average temperatures. The... 10th April 2015 · 1 min read
Canada Data Response Labour Force Survey (Mar.) Employment rose by 28,700 in March, more than anyone expected, though not by enough to reduce the jobless rate from 6.8%. The details, however, were less impressive. Even so, the odds of a rate cut by... 10th April 2015 · 1 min read
US Economics Weekly Fed tightening pace dependent on market reaction New York Fed President William Dudley noted last week that the pace of rate hikes will depend a lot on the reaction to the initial lift-off in financial markets. The upshot is that, while there is an... 10th April 2015 · 1 min read
Commodities Update USDA Weekly Export Sales (2nd Apr.) The latest US weekly data show a net decline in US soybean export sales as new purchases were offset by a large number of cancelled orders. 9th April 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Today’s data seem to confirm that last week’s fall in oil production and relatively small increase in crude stocks were more of a blip than a sign that the current upward trend in output and stocks... 8th April 2015 · 1 min read
US Housing Market Chart Pack Home sales will continue to strengthen Following the weather-related weakness at the start of the year, new home sales surged 7.8% m/m to a seven-year high in February. Existing sales rebounded by 1.2% m/m, despite another large drop in... 8th April 2015 · 1 min read
Canada Economics Update Oil price slump will drag economy down The Bank of Canada's latest Business Outlook Survey shows that, while some firms are benefitting from a weaker Canadian dollar, the slump in crude oil prices is having a greater negative impact on the... 7th April 2015 · 1 min read
Canada Economics Weekly January's soft GDP likely the calm before the storm While the modest decline in January's GDP was a better result than most economists had feared, we suspect that this may just be the calm before the storm. The continued collapse in oil & gas drilling... 7th April 2015 · 1 min read
US Data Response Unexpected weakness a temporary blip The well below consensus 126,000 increase in non-farm payrolls in March, particularly when combined with the 69,000 downward revision to earlier gains, will raise fears that the labour market is... 4th April 2015 · 1 min read
DM Markets Chart Pack US corporate bonds should weather Fed tightening Although Fed tightening could dull investors’ appetite for risk, its onset has not tended to push up the spreads of US corporate bonds over Treasuries much in the past. We expect a similar outcome... 3rd April 2015 · 1 min read
Canada Data Response International Merchandise Trade (Feb.) The decline in Canada's trade deficit to C$1.0bn in February, from an upwardly revised C$1.5bn, reflected an improvement in the terms of trade. Export and import volumes both fell, supporting our view... 3rd April 2015 · 1 min read
US Economics Weekly Construction weakness due to seasonal adjustment failure At first glance, the recent monthly construction spending figures look awful. The three-month-on-three-month growth rate of residential construction spending at least climbed back into positive... 3rd April 2015 · 1 min read
US Data Response International Trade (Feb.) The sharp declines in both imports and exports in February suggest that the West Coast port dispute had a bigger impact than we had anticipated. Exports fell by 1.6% m/m in February, while imports... 3rd April 2015 · 1 min read
