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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
- The merchandise trade balance was broadly as expected at a headline level in October, with the trade surplus widening to C$1.2B (cons 0.9) from a downward revised C$0.6B (initial 1.1).
- Combined with only a small widening in the service deficit, the goods & services deficit narrowed to -C$0.7B from an average -C$1.3B through Q3, although in a rolling three-month basis is still circa -1% GDP (i.e. down from recent surpluses but much smaller than -3.5% GDP in 2018 and -2.5% GDP in 2019).
- However, the merchandise details suggest that some of this latest improvement is down to softer import demand, which might not bode well for domestic demand after its -0.6% contraction in Q3 (the weak spot in contrast to a strong GDP print).
- Merchandise import volumes fell in M/M terms for the second month running whilst non-energy imports saw the largest decline since May.
- The data can be noisy and it is only for goods rather than services as well, but it comes at a time that the BoC is heavily focused on the reaction in domestic demand to the 350bps of rate hikes seen since March, ahead of tomorrow’s close decision seen between a 25bp or 50bp hike.
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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