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Canadian Manufacturing Sales Soften | German PPI Rises

Published August 20, 2019

  • According to monthly data published by Statistics Canada, manufacturing sales in June fell 1.2 percent to $58 billion following a 1.6 percent increase in May, however, came in slightly better than the market expectation for a decline of 1.8 percent. The Canadian dollar weakened and hit a low of 1.3337 after the announcement.
  • The German Producer Price Index rose marginally by 0.1 percent against the expectation of 0.0 percent in July, mainly driven by electricity prices. The euro was trading flat, at 1.1080 on the day against the greenback.
  • UK Prime Minister Boris Johnson said that preparations for a no-deal Brexit are on track. Johnson called on Germany and France to compromise on Brexit, cautioning that the UK would be ready to leave the EU without a deal on October 31, if necessary.
  • Boston Federal Reserve President Eric Rosengren reiterated that US economic conditions are still good and that lowering interest rates could destabilize the financial sector and encourage a debt build-up.