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Canadian consumer price inflation likely to have come in firm in March
Canadian consumer price inflation data for March is set to release tomorrow. According to a TD Economics research report, the headline inflation is likely to have come in at 1.9 percent year-on-year and is expected to have accelerated to 0.7 percent on a sequential basis.
Gasoline prices might lend a substantial boost with retail prices having risen 11 percent sequentially. But one-off factors are also significant this month with a focus on travel services, telephone/internet services, airfares, and rents. On balance, their expected swings indicate towards upside for March inflation.
“We see potential for a boost from airfares as a result from the grounding of BA planes, which lowered capacity in the market. Internet services are exposed to an upswing from the announced price increases by Rogers and Bell over March and April”, said TD Economics.
Meanwhile, the average of BoC’s preferred measures of core inflation is expected to have remained stable at 1.83 percent year-on-year but modest upside risks are likely to be seen in CPI-trim and median on favourable base effects.
“Our March forecast is consistent with Q1 CPI at 1.6 percent y/y vs the BoC’s estimate of 1.7 percent”, added TD Economics.
At 20:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was neutral at 41.2587 while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 60.0167 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex