Canada: BoC to deliver another 50bps hike in October despite weak retail sales - CIBC – by MSalordFX Canada RetailSales Banks
in July, a larger-than-expected slide. Analysts at CIBC, still see the Bank of Canada raising the key interest rate by 50 basis points in October. “After months of gains, Canadian retail sales fell more than expected in July as Canadians may have started to react to higher interest rates. Headline sales fell 2.5% in July, below consensus expectations for a 2% decline. In volume terms, retail sales pulled back 2%.
“We continue to expect another 50 bps increase in October, before further evidence of a cooling economy allows the Bank to pause its rate increases.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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