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Main » 2011 » Март » 20 » Canadian dollars
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Hectic week, which was remembered by numerous statistical reports, the Canadian dollars markets and the close attention to developments in the Middle East and Japan. Recent months, inflation at the consumer level in Canada was comfortable. Six-month annualized growth is 1.7% and annual growth - 2,3%. Despite the steady growth of bank lending in Canada, it has not affected the economy and led to higher prices. No food prices or energy prices (and it is these components are responsible for inflation in other economies, particularly in the U.S. and the EU area) are not contributing to a substantial increase in the overall index CPI. Indeed, now more than a year consumer price index varies between 1% and 2.4% (October 2009).
The base consumer price index in Canada, also indicates an increase in price pressures - in the last year annual growth rate of the Canadian dollars was in the range 1.4% -2.1% - and the consensus forecast even provides drop this value to 1,1% in the February report, which comes out today at 11:00 GMT.
Despite the fact that the economy is steadily recovering from a fairly global recession, having experienced a mild slowdown in sectors such as real estate sector and the labor market where unemployment "slightly" increased by 2.5%, stood at 8.7% in August 2008, there still remain untapped resources, which do not allow inflation to rise. In February 2011 unemployment rate was fixed at 7.8%.
Industrial production in Canada declined
In March, there were no weather-related factors that could contribute to increased production in the U.S.? that, as we argued in yesterday's review, it was possible - in contrast to other segments of the economy, for example, the labor market, where the number of Canadian dollars outside the agricultural sector grew by 192,000 after a weak indicator of January (63,000). In March, industrial production fell by 0,1%, and the only consolation (though no, there is one, but more on that later) is that the February figure was revised from -0.1% to 0.3% in monthly terms.
Nevertheless, this is a weak indicator, which does not correspond to a very high rate of growth of manufacturing industry, as evidenced by the corresponding ISM index at 61.4, which is the best in the world (well, almost). However, if you look solely at the component manufacturing industry, whose share in total industrial production is equal to 74,6%, it turns out that he actually grew by as much as 0,4% (a month earlier at 0.9%), which is consistent with ISM index . The mining sector (its share in the index 14%) also showed good results, namely a fixed monthly increase of 0,8%.
Thus, the negative contribution to the index could make only power supply sector. Which he did, falling in February at 4.5% (its share in the index 11.4%). Thus, despite the fact that the report was not very impressive, it still showed that the manufacturing industry is doing fine.
Stock market
On Friday, European stock markets opened in positive territory after the previous session, the Nikkei 225 rose by 2,7% influenced by the intervention in currency markets, which led to a fall in the yen. Nevertheless, the market continues to cautiously monitor developments in Japan. Futures on the FTSE 100 was added before the opening of 0,4%. In the absence of economic reports in the euro area investors will likely keep adjusting the growth in today's trading, as many believe that the market has oversold.
However, there are two risk factors that may unpleasantly surprised investors. First, the final consequences of the Japanese crisis is still unclear, so we think that now is not the time to actively build up equity. Second, military action in Libya continues, and yesterday the UN Security Council approved a military sanctions against Gaddafi. This news, as well as continuing demonstrations in Bahrain provoke another leap in the price of Brent crude oil above $ 115 a barrel. Because of the instability in the stock market company ISS, a leading global provider of services, lays one of the largest of the planned for this year IPO. |
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Added by: ForexBeems
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