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USD Surges After Canadian GDP Disappoints

Published December 22, 2017
  • The US dollar recovered some of its recent losses this morning after Canadian GDP data came in lower than expected, perhaps allowing Poloz and the Bank of Canada to maintain the dovish undertones of recent statements. Approval of the US funding bill to avoid a government shutdown is also lending some support to the greenback.
  • With the Bank of Canada operating in “data-dependent” mode, today’s GDP results have thrown a wrench in the gears of yesterday’s positive data, leaving markets wondering about the timing of the future rate path in Canada. December’s employment numbers (to be released early January) are being anxiously awaited as another clue.
  • The Catalan elections in Spain resulted in pro-independence parties winning back control of the region, though it seems to be having a minimal impact on the euro.
  • Oil prices are down this morning; US shale production continues to rise and Ineos’ Forties pipeline in the North Sea is expected to resume operations in January. WTI crude is down 0.19% to $57.98 with Brent crude down 0.49% to $64.58 at the time of writing.