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US Retail Sales Shine | Loonie Fizzles

Published June 14, 2019
  • The loonie has come under pressure with USDCAD reaching a high of 1.3375 this morning. Recent Canadian dollar weakness was largely driven on the back of positive dollar movement amid strong US economic numbers.
  • US retail sales rose a solid 0.5 percent in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears that the economy was slowing sharply in the second quarter. US industrial production also rebounded following April’s dismal reading of -0.4 percent and expanded by 0.4 percent in May.
  • Boris Johnson, one of the candidates to succeed British Prime Minister Theresa May, said that he is against a no-deal Brexit and doesn’t want it as the outcome.
  • Secretary of State Mike Pompeo blamed Iran for the attacks on two oil tankers in the Gulf of Oman on Thursday, an allegation that is likely to escalate tensions between the US and Tehran. Yesterday, WTI crude rallied almost 4 percent after the incident and was trading higher by 2.5 percent, at $52.36 a barrel on the day.