Canadian home sales steady in June

Jul 15, 2015 20:27 pm UTC| Commentary

National home sales (seasonally-adjusted) edged down 0.8% m/m in June. The modest decline comes on the heels of four consecutive strong monthly gains, and still leaves national sales up 11% y/y and near their highest...

Fed semi-annual testimony - more upbeat than usual

Jul 15, 2015 17:33 pm UTC| Commentary Economy

In the July semi-annual Monetary Policy Report to Congress, Chair Janet Yellen reiterated the message from her speech on Friday that a first fed funds rate hike this year is likely to be appropriate. In general, the...

Bank of Canada Cuts Rates 25 bps...Canadian Dollar Plunges

Jul 15, 2015 17:03 pm UTC| Commentary Central Banks

The Bank of Canada cut its overnight rate target by 25 basis points to an historically low 0.5 percent today. The loonie immediately plunged to 77.5 cents U.S., down a full cent. The disparity between monetary policy in...

ECB Waiting for September

Jul 15, 2015 16:43 pm UTC| Commentary

The ECB faces a complicated challenge next week. It is argued that, the tightening in monetary conditions (clearly unwanted) and the Greek saga leave the ECB with its finger on the trigger. Risks surrounding China...

US industrial production rises in June, as manufacturing remains muted

Jul 15, 2015 16:30 pm UTC| Commentary

Industrial production rose 0.3% m/m in June (previous: -0.2%), printing modestly above our (0.1%) and consensus expectations (0.2%). The stronger-than-expected print for output was driven primarily by utility output (1.5%...

Fed Chair Yellen: Balanced risks amid improving data

Jul 15, 2015 15:25 pm UTC| Commentary

In her written testimony before the House Financial Services Committee, Federal Reserve Chair Janet Yellen sounded somewhat less dovish than in her speech last Friday before the City Club of Cleveland. In part, it is...

Bank of Canada Rate Decision & MPR --- 25 bp cut

Jul 15, 2015 14:59 pm UTC| Commentary

It appears the Bank of Canada is getting into the reinsurance business. Following a series of disappointing GDP and trade results, the Bank chose to further trim interest rates today, cutting its key overnight lending rate...