Oddbean

C$ gives back some recent gains after weak domestic data ========== The Canadian dollar edged lower against the U.S. dollar after weak domestic data showed a decline in wholesale trade and home sales. Canadian wholesale trade fell by 0.6% month-over-month in June, after declining by 1.2% in May. Separate data showed Canadian home sales falling 0.7% in July from June. The Bank of Canada has expressed concerns about too much slack in the economy. The U.S. dollar rose against major currencies after positive U.S. economic data eased fears of a recession. Canadian government bond yields moved higher, tracking U.S. Treasuries. The 10-year yield was up 5 basis points at 3.073%. Canada's economy could benefit from a U.S. soft landing. Canada sends about 75% of its exports to the United States, including oil. U.S. crude oil futures settled 1.5% higher at $78.16 a barrel. #CanadianDollar #DomesticData #WholesaleTrade #HomeSales #BankOfCanada #UsDollar #UsEconomicData #CanadianGovernmentBondYields #UsTreasuries #Canada'sEconomy #UsCrudeOilFutures https://www.kitco.com/news/off-the-wire/2024-08-15/c-gives-back-some-recent-gains-after-weak-domestic-data