Canadian Retail Sales figures missed consensus with Core Retail Sales m/m posting -0.3% and Retail Sales m/m -0.5%. Expectations were for 0.8% and 0.1% respectively. WTI crude continues to trade around the $54 U.S. per barrel; the market is remaining bullish on oil as the Organization of the Petroleum Exporting Countries continues to comply with cuts in production.
Experts expect a range today of $1.3071 to $1.3157 Canadian for the U.S. dollar.
German IFO figures in February released better than expected as Business Climate, Expectations and Current Assessment printed at 111, 104 and 118.4 respectively. Euro-zone inflation in January was in line with expectations of -0.8% m/m and 1.8% y/y. The euro is flirting with support levels and currently trading at $1.3864 Canadian.
Investors expect a range today of $1.3906 to $1.4011 Canadian.
U.K. gross domestic product released this morning and was mixed, as figures quarter over quarter released better than expected at 0.7% while data year over year released worse than expected at 2.0%. Article 50 bill is being reviewed by the House of Lords until next Wednesday and Prime Minister Theresa May is still expected to trigger the draft law by the end of March officially. The sterling is currently trading at $1.6419 Canadian
We expect a range today of $1.6207 to $1.6321 Canadian
The Australian dollar is retracing some of its earlier gains going into the North American trading session this morning. Domestic data released last night was mixed with Wage Price Index coming in as expected at 0.5% while Construction Work Done declined to -0.2% to miss the forecast of a positive 0.5%. Copper is also weaker today to add to the downside pressure. Focus now will be on the U.S. Federal Open Market Committee meeting minutes this afternoon.