Philippine central bank surprisingly lowers interest rate by 50 bps, unlikely to cut again in August
Canadian retail sales likely to have risen in May
Canadian retail sales data for the month in May is set to release tomorrow. According to a TD Economics research report, retail sales are likely to have risen 0.3 percent as lower auto sales provide an offset to a rebound in core retail measures. New vehicle sales are expected to drop on softer passenger car sales, and a muted contribution is expected from gasoline stations as the tailwind from higher prices dissipates.
Meanwhile, the recreation component should give a source of strength as NBA playoff spending makes its effect felt; restaurant sales are not included in the retail report, but the supplementary food and beverage survey should show similar gains.
“Building materials and home furnishings will provide another source of strength on the recent recovery in existing home sales. Retail volumes should see little change on account of the 0.3 percent (sa) increase in consumer prices, consistent with some moderation in household consumption from the 3.5 percent gain in Q1”, added TD Economics.
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