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March 19, 2024 12:53 PM UTC
February housing starts have seen a stronger than expected 10.7% increase to 1521k though have still not fully reversed January’s 12.3% decline, which was hit by weather. Permits are also stronger than expected, up a modest 1.9% after a 0.3% decline in January.
March 18, 2024 10:00 PM UTC
BoJ the main focus
Majority expect no change in policy which would likely mean small JPY decline
The minority view of a rate hike this month would have a bigger JPY positive impact
Canadian CPI to weigh modestly on the CAD
GBP vulnerable as positions reached new highs
March 18, 2024 7:12 PM UTC
We expect Canadian GDP to increase by 0.4% in January, matching an estimate made with December’s report. This would be the strongest rise since January 2023, but the strong year ago data would still see yr/yr growth slipping, to 0.8% from 1.1%.
March 18, 2024 4:20 PM UTC
It is ever clearer that the Riksbank has accepted that it can and should make its policy stance less contractionary, at least in conventional terms. In its last decision, at the start of February, keeping policy at 4%, albeit increasing the pace of bond sales from SEK 5 billion to 6.5 billion per
March 18, 2024 2:57 PM UTC
We expect a February new home sales total of 690k, which would be a 4.4% increase if January’s 1.5% increase to 661k is unrevised. This would be a third straight increase if still below 2023’s high of 728k seen in July.
March 18, 2024 2:12 PM UTC
We expect February housing starts to rise by 18.0% to 1570k after a 14.8% January decline that was probably due to bad weather. We expect permits, less sensitive to weather, to rise by 1.4% to 1510k after falling by 0.3% in January.
March 18, 2024 12:35 PM UTC
We expect February Canadian CPI to pause after seeing a significant dip in January, rising to 3.0% yr/yr from 2.9% in January, though still below December’s stronger 3.4%. We expect only marginal progress lower on the BoC’s core rates to follow more significant progress seen in January.