Canada September retail sales data:
- First decline in three months (after revisions)
- Prior was -0.1% (revised to +0.1%)
- Ex autos +0.2% vs -0.1% expected
- Prior ex autos -0.2% (revised to -0.1%)
This is one of the final reports before the first look at Q3 growth next week. The consensus is +1.3% but this adds some upside risks.
Details:
- New care sales cut 0.4 pp from the headline
- Furniture cut 0.05 pp
- Building materials added 0.21 pp
- Food and beverage stores add 0.25 pp
- Gasoline stations cut 0.24 pp
Overall, this is a good-news report for the Canadian dollar and further cements the idea that a rate cut really isn't on the table in December. USD/CAD is at the lows of the day down 24 pips to 1.3261.
