Canada January GDP +0.3% vs 0.0% m/m expected
Canadian January GDP
- December was -0.1%
- Q4 was +0.4% annualized
- GDP +1.6% y/y vs +1.3%
Economists were divided on this so the consensus is a bad guide. Of the 18 estimates on Bloomberg, five were for 0%, four were negative and nine were +0.1% or +0.2%.
The Canadian dollar is soaring on the report. It would have been higher before the report on oil but there were jitters awaiting the data. Instead, the data and oil are aligning for a nice day for the loonie and some news that scrubs the chance or a near-term recessions. The US dollar is also getting hit by soft personal spending in the PCE report.