The Loonie closed in negative territory and extended its slide toward 1.2900 early Tuesday. Later in the session, Statistics Canada is expected to report that Retail Sales in Canada rose by 0.8% in April after having stayed unaffected in March.
The US returns from a long weekend, and that helped put Asian equity traders in a good mood. Japan’s Nikkei 225 index rose 1.87% leading the other indices higher. European traders followed Asia’s lead and the major indexes are in positive territory. DJIA and SP500 futures suggest a positive open on Wall Street.The US 10-year Treasury yield ticked up to 3.29% in early NY trading which has served to cap equity gains.
Today, inflation data from Canada will be released. Market consensus sees a 1% increase in the Consumer Price Index. Analysts at TD Securities expect a 0.9% increase fueled by gasoline and food prices. They consider declines in USD/CAD are likely hard to sustain.
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