Canadian Manufacturing Sales in Focus | German ZEW Sentiment Rises
Published January 21, 2020
The Canadian dollar is expected to remain volatile against the greenback, as the Canadian manufacturing sales data for the month of November is set to be released this morning. Overall, the manufacturing sales figure is expected to show a decline of 0.5 percent in November as a partial recovery in auto shipments proves insufficient to counter a wider fall in manufacturing activity. At the time of writing, the Canadian dollar is trading at 1.3060 levels against the US dollar.
The German economic sentiment rose significantly to 26.7 in January, up from the last reading of 10.7 and beat the market expectation of 15.2. German President Achim Wambach stated that the continued solid rise of the economic indicator is mainly driven by the recent settlement of the trade dispute between the US and China.
The US Treasury Secretary Mnuchin said that that the next phase of the China deal may not be a “big bang” that removes all existing tariffs. Mnuchin also warned that Italy and Britain will face US tariffs if they proceed with a tax on digital companies like Alphabet, Google, and Facebook.