North American equities are better, oil inventories are lower than expected shining a light on a better economy. The U.S. economic data this morning was bullish, especially the Empire State data, giving a boost to investor confidence.
Canada’s inflation numbers reinforced what people have been saying, prices have gone up, way up, the CPI rose 4.1% its fastest since 2003. Although policy makers are likely to view price pressures as transitory, the report comes at an inopportune time for Trudeau, in the final days of a tight election battle. Affordability is a central campaign issue, and the main opposition Conservatives have been accusing the incumbent Liberal government of stoking inflation with debt-financed spending.
Not sure if inflation is transitory, central banks have been playing this tune so long that it’s turned into a golden oldie.
Currently* Close Range
USDCAD 1.2653 1.2693 1.2634-1.2708
EURCAD 1.4944 1.4980 1.4931-1.5013
GBPCAD 1.7505 1.7528 1.7482-1.7557
*Indicative rates only
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