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