Both retail sales (for May) and inflation data (for June) is due from Canada on 20 July 2018

  • at 1230GMT

Quick snippets from CIBC's preview:

Retail sales, May

  • harsh weather conditions kept shoppers away in April,
  • early indications suggest that the following month saw sales speed ahead
  • led by a strong rebound in car purchases
  • even ex-autos reading should benefit from a return to more seasonable weather
  • rebound in retail sales will support a decent monthly GDP print, it's unlikely to be the beginning of a new trend
  • The slower pace of job creation in 2018 combined with rising consumer borrowing rates will leave consumption providing less of a contribution to growth this year

Inflation June

  • A surprise decline in ex-food and energy prices meant that May was the second consecutive soft reading
  • rebound is in store
  • With a fall in gasoline, look for headline prices to advance 0.1% NSA, leaving the annual rate accelerating to 2.4% from the 2.2% it has been tracking since April
  • That said, the Bank of Canada's core common component measure should remain steady at 1.9% for the fifth straight month