Canadian and Norwegian data in the limelight today - BNPP

Research Team at BNP Paribas, suggests that the oil producers Canada and Norway are scheduled to release key economic data today.

Key Quotes

“For Norway, we expect August CPI to have remained elevated after the early summer surge, with our forecast for the core y/y rate of 3.5% a touch above consensus. The data should keep markets doubtful that Norges Bank will resume easing.

In contrast, markets are likely to be a bit more sensitive to Canada data after the Bank of Canada signalled this week that it has become more concerned about downside risks to inflation now. We expect another soft reading on Canada employment, with our economics team looking for jobs growth of just 5k after the big 31.2k drop in July. Both NOK and CAD remain vulnerable to a retreat in oil prices.”