Canadian Retail Sales Surge 1.1% in September Despite the Dour Outlook Held by the BoC

Daily Forex Fundamentals | Written by DailyFX | Nov 25 08 13:58 GMT |

Retail spending in Canada increased 1.1% in September despite expectations for a 0.4% increase. In addition, retail sales excluding the volatile automotive component increased 0.8%, which beat estimates for a 0.2% gain. The breakdown of the report showed that five of the eight categories increased during the month, but the improvement could be short-lived as the Bank of Canada expects economic activity to weaken throughout the next year. Mounting growth fears led the BoC to lower the benchmark interest rate by 75bp to 2.25% from 3.00%, and may continue to ease policy further as growth prospects deteriorate. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.