CANADA: (correct) Offering another take on the solid Canadian
retail sales data, Krishen Rangasamy of CIBC World Markets says
Canadians may have “dug deeper into their pockets in January,” but
“didn’t end up buying much more in the process.” “Higher prices meant
that the 0.7% increase in the headline retail sales effectively boiled
down to just a 0.1% advance in volume,” he says. The softer retail
volumes “took some stream out of the C$ which had soared after the
hotter-than-expected CPI data release (ex-8 volatile items at 2.1% vs
estimates of +1.8%) this morning,” he notes.
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CANADA: (correct) Offering another take on the solid.
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