Canadian manufacturing sales likely rebounded in November
Source: FxWire Pro - Commentary / 18 Jan 2018 22:11:50 Eastern Standard Time
Canadian manufacturing sales are likely to have rebounded in November. According to a TD Economics research report, Canada’s manufacturing sales are expected to have grown strongly by 2.1 percent sequentially, led by a partial normalization of motor vehicle production. Imports of motor vehicle parts rose sharply in November, indicating towards a rebound in assemblies after retooling shutdowns restrained output in the prior month.
Energy products are expected to have been another source of nominal upside, thanks to a sharp rise in gasoline prices. Meanwhile, volumes might have seen marginal benefit from pipeline shutdowns that restricted the flow of crude oil to the U.S. refineries. Outside of these two industries, the combination of a wide rise in factory prices and rise in hours worked favors a solid rebound from October.
“We expect real manufacturing sales to underperform the nominal print with a gain of roughly 1%, but nonetheless contribute positively to industry-level growth”, added TD Economics.
At 20:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was neutral -29.2546, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -151.053. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
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