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Canadian Inflation Numbers Exceed Expectations; CAD Strengthens

Published February 24, 2017
  • Canadian inflation data far exceeded expectations this morning; month-on-month CPI came in at 0.9% versus 0.3% expected, core CPI came in at 0.5% versus -0.1% expected, while year-on-year data showed strong numbers as well
  • Prices in Canada were up in seven of eight major components in the past 12 months; transportation and shelter indexes contributed the most to the year-on-year rise in CPI numbers
  • US stock futures showed a lower open this morning after the Dow Jones hit its 10th straight record close yesterday; this is the longest streak since 1987
  • President Donald Trump reiterated his statement that the Chinese are “grand champions” of currency manipulation, insisting he has not held back on his pledge to label China as a currency manipulator within his first 100 days of office
  • China has responded sharply, stating that Beijing has no intention of using currency devaluation to gain a better trade advantage; China’s Foreign Ministry spokesman, Geng Shuang, encouraged the United States to view the exchange rate issue “fully and correctly”
  • The market looks to next Tuesday when Donald Trump will address a joint session of Congress in anticipation for more details on upcoming corporate tax cuts; for today, Trump is scheduled to sign an executive order at 12:00, theme of order is yet to be announced

Chart (1) Canadian Comprehensive Inflation Rate