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Canada’s monthly GDP less than forecast

By MoneyWay | Oct 31, 2019

Canada’s economy grew slower than forecast in August after a lull in the prior month, reinforcing the view the nation’s economy is showing signs of decelerating into the second half of the year. Output grew 0.1 per cent in August, missing economist expectations of a 0.2 per cent gain, Statistics Canada said Thursday in Ottawa. The slight growth in August follows a flat GDP reading in July. The expansion was broad-based, with 14 of 20 sectors expanding. Manufacturing was the biggest contributor to the monthly expansion, up 0.5 per cent, while wholesale trade was the biggest drag. This reinforces yesterday’s comments by the Bank of Canada that the economy may slow slightly and that it is ready to act on rates as deemed necessary.

The Canadian dollar is stronger to the USD by a slight margin, even though equities are lower, oil prices are lower and markets are unsure of where the China-U.S> trade talks will take place after Chile cancelled the upcoming APEC conference due to civil unrest.

Expect narrow range again today.

                                Currently             Close                     Range

USDCAD               1.3143                   1.3159                   1.3136-1.3178

EURCAD               1.4660                   1.4673                   1.4643-1.4721

GBPCAD               1.7006                   1.6976                   1.6973-1.7084

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