The U.S. dollar was seen easing back on Friday. Economic data on the day was relatively quiet. Canada’s inflation fell more than expected declining 0.4% on the month. This was more than the forecasts of a 0.1% increase and marked a second consecutive month of declines.
On a year over year basis, Canada’s inflation rose 2.2% which was the lowest in four months.
The retail sales report was also released which showed a 0.4% decline in core retail sales. Headline retail sales fell 0.1% missing estimates of a 0.3% increase.
The Canadian dollar fell sharply on the news.
The markets look to a quiet day of trading. Economic data is sparse across all the markets. In the Eurozone, the German Bundesbank will be releasing its monthly report. The NY trading session will see the Canadian wholesale sales report for the month.
