It will be a lively day in North America with a pair of top-tier economic indicators coming up at the bottom of the hour. The duo of US retail sales and Canadian CPI are coming up and will certainly be market movers.
Watch the ‘retail control’ line, which is expected up 0.3% but estimates stretch down to -0.1%, with BofA at the bottom of the list. That’s notable because they use their own credit card data to help them forecast.
On the Canadian side, CPI is forecast up 0.3% m/m and 3.0% y/y. An undershoot on the y/y number into the 2s would trim the 23% chance of a hike that’s priced in for the Sept 6 BOC meeting.
That won’t be all today with reports also coming up on US industrial production and the NAHB home builder sentiment survey. The Fed remains in the blackout.
For more details, see the economic calendar.