Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
- Values of building permits surprisingly slumped -18.8% M/M in April (cons -5%) after a slightly upward revised 12.3% M/M (initial 11.3%).
- It registered the largest single monthly decline since 2007, with volatility again coming from the non-residential component tumbling -34.6% after +35.9% in March at what had been the strongest monthly increase on record.
- "On a seasonally unadjusted basis, the average commercial permit was valued at $433k in April compared with $901k in March. Similarly, the average industrial permit was valued at $413k in April compared with $1.7 million in March."
- Looking at single family residential permits for a better sense of underlying trend, permits continued a renewed downtrend, falling -3.6% M/M after -4%, although it’s in contrast to the latest uptick in volumes for both housing starts and existing home sales also in April.
- As it is, the particularly heavy -1.4pp drag from residential investment on real GDP Y/Y growth in Q1 is larger than what either starts or permits would imply on a historical basis.
- USDCAD lifted 15 pips on the release but only back further into yesterday’s range having already climbed off earlier session lows.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok