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The FxPro Analyst Team

Canadian CPI and Retail Sales Data in Focus Today

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At 07:00 GMT, US FOMC Member Mester is due to speak about monetary policy at the ECB macroprudential policy and research conference, in Frankfurt. Audience questions are expected to follow. USD pairs may be influenced by this event if monetary policy is discussed.

At 12:30 GMT, Canadian Consumer Price Index (MoM) (Apr) is expected to be 0.4% against 0.3% previously. BOC Consumer Price Index Core (YoY) (Apr) is expected to be unchanged at 1.4%. BOC Consumer Price Index Core (MoM) (Apr) is also expected unchanged at 0.2%. Consumer Price Index (YoY) (Apr) is expected to be unchanged at 2.3%. Consumer Price Index – Core (MoM) (Apr) came in at 0.0% previously. Retail Sales Ex-Autos (MoM) (Mar) is expected to be 0.5% against 0.0% previously. Retail Sales (MoM) (Mar) is expected to be 0.3% against 0.4% previously. These data points are expected to be largely in line with the consensus this month but the data once again paints an uncertain picture. Any clear assumption that can be extracted from the data will give traders something to run with. Retail sales are stabilizing, after missing expectations for the December and January readings. CAD crosses could be affected by this release, especially if the data deviates from expectations.

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At 13:15 GMT, FOMC Member Kaplan is due to speak at a scheduled event. USD crosses could see spikes in volatility during this time.

At 13:15 GMT, FOMC Member Brainard is due to deliver a speech titled “Community Reinvestment Act Modernization” at the Association for Neighbourhood and Housing Development’s Community Development Conference, in New York. Audience questions are expected afterwards. USD volatility may increase during this event.

At 17:00 GMT, Baker Hughes US Rig Count numbers will be released. The prior number last Friday showed that there were 844 Oil rigs in operation up from 834 the previous week. With Oil at the highest levels in recent times, on the back of a bigger than expected draw in inventories on Wednesday, this data could set the tone for traders as they look to the week ahead.

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