The US dollar gave up the gains with price action trading rather subdued. Lack of any clear market movers and the upcoming Jackson Hole Symposium saw traders taking a breather.
Economic data yesterday was quiet with no major releases. The German Bundesbank released its monthly forecasts where it remained upbeat on the German economy. In Canada, the wholesale sales fell 0.5%, falling well below estimates of 0.6% and after rising 1% in the previous month.
Looking ahead, Canada’s retail sales numbers are expected today. Estimates point to a 0.2% increase in retail sales on the month following a 0.6% increase in the previous month. Core retail sales are however expected to remain flat on the month after declining 0.1% previously. In the US, the Richmond Fed manufacturing index is also due later today. Forecasts expect the index to slip to 11 after rising to 14 previously.
