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It’s Martin Luther King Jr Day in the US and markets there are closed but Canada is open for business. I wouldn’t expect much from Canada but the commodity currencies are under some pressure today after China opted to hold rates unchanged. AUD is down 51 pips to 0.6190.
So far, CAD is holding up but with oil down in the past hour on Houthi headlines (say they’re only targeting ships going to Israel), there may be a chance for retail to front-run CAD weakness.
In terms of data, the Canadian manufacturing sales report is due at the bottom of the hour. It’s not a market mover but at 10:30 am ET (1530 GMT), the Bank of Canada releases its important Business Outlook Survey. That’s a critical input in rate setting decisions, that’s grown even more important under Macklem.
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