Sunday, February 23, 2014

Good Time To Be Canadian

Poloz Calls Canada Inflation, Business Data Encouraging
"Recent data on Canadian inflation and business creation are encouraging and support the central bank’s view that a recovery in the world’s 11th largest economy is under way, Bank of Canada Governor Stephen Poloz said."

Traders look to latest Canadian, U.S. economic growth data
"The Toronto stock market looks to build on the solid gains racked up so far this year as traders get set to consider the latest economic growth figures for Canada and the United States this week, along with earnings reports from the big Canadian banks.

The Canadian dollar could find itself under renewed pressure when Statistics Canada releases growth data for December and the fourth quarter on Friday.

December is expected to show a sharp reversal in gross domestic product, largely because of crippling ice storms in Ontario and Quebec towards the end of the month.

"We think that played a huge role in a likely outright decline in December GDP of about 0.3 per cent following a string of pretty decent gains in GDP," said Sal Guatieri, senior economist at BMO Financial Markets.

Guatieri noted that the stormy weather won't affect overall fourth-quarter growth much as the damage occurred late in the month.

"We should still see a pretty decent increase in Q4 GDP of 2.6 per cent," he said."

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