USD/CAD dips notably in early US session the first round of data release.
Canada GDP rose 0.5% mom, 2.6% in May, stronger than expectation of 0.3% mom, 2.3% yoy. IPPI rose 0.5% versus expectation 0.2% mom. RMPI rose 0.5% mom versus expectation of 2.7% mom. Canadian Dollar dropped deeply earlier today on reports that it’s rejected from US-Mexico NAFTA meeting later on Thursday. But stronger than expected GDP is putting it back in control against Dollar.
US personal income rose 0.4% in June, spending rose 0.4%, both met expectation. However, headline PCE was unchanged at 2.2% yoy, below expectation of 2.3% yoy. PCE core was unchanged at 1.9% yoy, below expectation of 2.0% yoy. Employment cost index rose 0.6% in Q2, below expectation of 0.7%.
