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Canada’s retail sales likely to have fallen in November on gasoline prices

Canadian retail sales for the month of November are set to release tomorrow. According to a TD Economics research report, nominal retail sales are expected to have dropped 0.6 percent sequentially, driven by gasoline prices. Most of the fall in the headline figure will be attributable to the price at the pump, which dropped almost 10 percent throughout the month.

This is likely to have subtracted 0.5 percentage points from the headline print while a fall in motor vehicle sales might almost be a drag on monthly sales activity, leaving ex-auto sales 0.4 percent lower. A recovery in core retail activity might counter the softness in motor vehicles and gasoline sales.

“However, since much of the decline will be driven by lower prices the impact on growth should be more modest than the headline print implies, with real retail sales down roughly 0.2 m/m”, added TD Economics.

At 19:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was bearish at -88.8041, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 32.8454 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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