Strong Dollar Awaits US Data | Canada Retail Sales Expected to Rise
Published December 20, 2019
The US dollar is on pace for its strongest week in a month ahead of this morning’s last revision of Q3 GDP, which will be released at 8:30 am EST. Consensus expectations are for the annualized GDP figure to remain unchanged at 2.1% since there is only a minimal amount of new data available to revise growth. Consumer sentiment and inflation data releases are also set for release this morning, and each will have a say in whether the US dollar can close out the week on a high note.
Canadian Retail Sales are expected to rise by 0.5% when the October numbers are released later this morning at 8:30 am EST. Today’s data-packed day could provide some fireworks for the loonie, which has lost ground since it reached multi-week highs on Wednesday.
Crude oil is looking for its third consecutive week of gains propelled by an impressive, six-day run that has pushed prices above $61/bbl for the first time in over two months. The US-China trade truce has been the major catalyst for recent strength in oil prices, but a drop in US crude inventories has also been a factor. Major banks such as UBS and JP Morgan have been revising their 2020 oil price outlooks to reflect the improved conditions, and speculators have since jumped on board to further fuel the commodity’s run.