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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 DATA
- As noted earlier, the merchandise trade balance surprisingly swung to a seasonally adjusted deficit of C$2.28bn in March vs consensus of a C$1.2bn surplus.
- It followed a downward revised surplus of $0.48bn (initial C$1.39bn) in Feb, with the deterioration on the month led by exports of unwrought gold sliding 17.4% on the month after surging 70% to record highs in Feb.
- Being only one month of data, it saw a limited deterioration when looking in % GDP terms, with the three-month balance shifting from 0% GDP to -0.2% GDP for the first deficit since Aug.
- Add in the services deficit building slightly to C$1bn in March and the goods & services trade deficit widened from 0.3% to 0.6% GDP on a three-month rolling basis – see charts for context.
- The volumes data for just goods meanwhile showed exports essentially flat at -0.1% annualized in Q1 but imports rising 2.4% annualized in a move that will act as a drag for Q1 GDP after net exports added a strong 0.6pp non-annualized to Q4 GDP growth of 0.2% non-annualized.
- Recall that Tuesday’s monthly GDP data from separate industrial accounts tentatively indicated GDP growth of 2.5% annualized in Q1 contrary to the BoC’s forecast of 2.8%.
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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