Market focus on US PMI and Canada’s CPI and retail sales - BBH

Research Team at BBH, suggests that the Markit's preliminary assessment of the US manufacturing PMI will be reported, but in terms of economic data, the focus will be on Canada. 

Key Quotes

“Canada releases its July retail sales and August CPI.  The median forecast is for a 0.1% increase in headline retail sales and a 0.5% increase excluding autos.  Headline CPI may tick up to 1.4% from 1.3%, while the core rate may slip to 2.0% from 2.1%. 

The Canadian dollar is little changed ahead of the start of the North American session.  It is holding on to its 1.3% gain this week on the back of a weaker US dollar and higher oil prices.  The US dollar bounced off of CAD1.30 yesterday and neared CAD1.3100 in Europe, but is coming off again, and looks poised to retest yesterday's lows.  Oil is pulling back after firming to two-week highs yesterday.”