Canada January GDP mm -0.1% vs 0.1% exp

Canada January GDP data now out 29 March

  • 0.2% prev revised up from 0.1%
  • yy  2.7% vs 2.9% exp vs 3.4% prev rev up from 3.3%

Soggy headlines but tempered by better revisions. Still a disappointing report and I’m sure our man in Canada will have something to say on it in due course. First decline since Jan 2017

Q1 BOC forecasts now in doubt. Shutdowns at some oil facilities and tougher mortgage lending conditions combining to dampen expectations/hopes.

USDCAD up to 1.2925 but defence of option expiry interest at 1.2950 helping to cap still.

                                                      GDP mm

Also out:

  • Feb raw materials price index mm -0.3% vs 3.4% prev revised up from 3.3%
  • industrial product price mm 0.1% vs 0.4% prev rev up from 0.3%
                                                    RMPI mm
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