Crude oil inventory build for the week of April 10 The private API data yesterday showed: What is also eye opening is that gasoline demand remains depressed at 5.836M. That is just above the 5.834 level last week. The year ago level was at 10.462M (April 5 week). That is a decline of 44.2% from a […]
Blogs
Bank of Canada launches additional QE in provincial and corporate bonds
Highlights of the Bank of Canada interest rate decision None of these additional moves from the BOC were expected. Most economists had forecast a wait-and-see approach today.
US business inventories for February -0.4% versus -0.4% estimate
US business inventories for February 2020 – Business inventories for February 2020 comes in as expected at -0.4% – prior month revised to -0.3% from -0.1% The data is old and pre coronavirus. As a result it has little or no impact to the current economic environment.
US April NAHB housing market index for +30 versus +55 estimate
National Association of homebuilders housing market index for April – Index plunges to 30 from 72 last month. The estimate was for a reading of 55. The monthly decline is -42 from the prior month. This is the largest single monthly drop on record and the lowest level since June 2012 The NAHB chief economist commente
This isn't exactly an encouraging headline to read in the FT
Martin Wolfe spreading the fear today Martin Wolfe reviews the latest IMF forecasts, showing a global recession in the FT. But he takes it a step (or two) further and calls it a global collapse.
US March industrial production -5.4% vs -4.0% expected
US March industrial production data ForexLive
Canada March existing home sales -14.3% vs -10.0% expected
Canada March existing home sales "The numbers that matter most for understanding what follows are those from mid-March on, and things didn't really start to ratchet down until week four. ," said Shaun Cathcart, CREA's senior economist.
US dollar rips higher as risk aversion makes a comeback
Commodity currencies hit hardest The pain trade in the commodity currencies is over. At least for now. The recent strength in the Canadian dollar has absolutely confounded us in the past 10 days. Particularly this week with oil falling back to $20 and the loonie still grinding higher.
US March retail sales -8.7% vs -8.0% expected
US March 2020 retail sales It's all in the details in this report: The implication here is that if you were to exclude grocery and pharmacy stockpiling, the real number would be close to -20%. And if you cut out the first half of the month when much of the US was open, that would […]
Empire manufacturing index for April plunges to -78.2 vs -35 estimate
Empire manufacturing index for April 2020 – Empire manufacturing index -78.2 vs -35 estimate. Blows away the lowest level from 2009 at -34.3 – number of employees -55.3 versus -1.5 last month Not only was the monthly number the worst in the history of the report going back to 2001, it more than doubled the previous [&