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17 Oct 2023

US Retail Sales rose 0.7% in September vs. 0.3% anticipated

US Retail Sales rise by 0.7% in September.
Core sales increase by 0.6% and Control Group Sales 0.6%.
US Dollar gains momentum after the data.

Retail Sales in the US rose 0.7% on a monthly basis in September to $704.9 billion, the data published by US Census Bureau showed on Tuesday. This reading followed the 0.8% (revised from 0.6%) increase recorded in August and came in better than the market expectation of 0.3%.

Retail Sales Ex-Autos rose 0.6% in the same period, compared to analysts' estimate of 0.2%, while Retail Sales Control Group increased 0.6%.

Market reaction

The US Dollar gathered strength against its rivals. The US Dollar Index (DXY) rebounded from 106.15 and climbed to 106.40, approaching daily highs. The next US economic report is September Industrial Production at 13:15 GMT.

Oct 17, 2023

Canada Consumer Price Index (MoM) below expectations (0.1%) in September: Actual (-0.1%)

USD/CAD to hit 1.39 by year-end, Loonie to revive in 2024 – CIBC

The upward trend in USD/CAD is set to continue for the rest of the year. However, economists at CIBC Capital Markets expect Loonie to recover in 2024.