Canadian Manufacturing Sales Set to Rebound | Yuan Jumps on Signs of Improving US Relations
Published August 16, 2018
China will dispatch Vice Commerce Minister Wang Shouwen to the US later this month for renewed talks. It will be the first official engagement since negotiations broke down two months ago. The yuan jumped the most in more than six months on optimism that the move might be a sign of improving relations, despite the lack of expectations for the meeting to produce a breakthrough.
Canadian manufacturing sales data is set to rise by 1.1% in July on a rebound in motor vehicles after supply chain disruptions weighed on output in the prior month. Steel/aluminum tariffs will impose a modest drag on primary metals, while higher factory prices will lead to a more modest advance.
Turkish assets continue to recover some of the losses racked up in recent days, with the lira trading at 5.7795 to the greenback. While there has been no cooling of tensions with the US, President Erdogan has moved to assemble alliances in Europe and the Middle East.
Retail sales data in the UK showed a surprise 0.7% increase in July as warmer weather encouraged shoppers to get out and spend. Retail sales growth of 3.5% year on year in the three months to July is well above growth in consumer spending. Online sales rose to a new record with a 15.3% increase in July.