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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
[small correction to line on reliance on energy revenues]
- The merchandise trade surplus was notably smaller than expected in Aug at C$1.5B (cons 3.5B) after a downward revised 2.4B in July (initially 4.1B), from both energy and non-energy items.
- Add in a growing service deficit (largest nominal since Mar’20 on re-opening) and the goods & service trade balance fell into a small deficit for the first time since Dec’21.
- The three-month rolling surplus narrowed to 0.9% GDP from 1.8% GDP (initially 2.4% GDP), which remains elevated vs the pre-pandemic average deficit of ~3.5% GDP but with non-energy trade deficits already at historical highs and energy products doing the heavy lifting, prone to a pullback in energy revenues.
- USDCAD saw only limited reaction on the data with strong building permits providing an offset, but the continued widening in non-energy deficits in particular could increasingly weigh on CAD, which in trade-weighted terms remains above pre-pandemic levels in contrast to its sharp decline vs the USD.
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.
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