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Four Key Events in the Week Ahead

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marctomarket.com / by Marc Chandler / Oct 17, 2016

Of the forces driving prices in the week ahead, events appear more important than economic reports. There are four such events that investors must navigate. The Bank of Canada and the European Central Bank meet. The UK High Court will deliver its ruling on the role of Parliament in Brexit. The rating agency DBRS updates its credit rating for Portugal.

The Bank of Canada is not going to change interest rates. Still, growth has disappointed, and price pressures appear to be ebbing. It will take longer than the BoC is currently anticipating to close the output gap. It may adjust its forecasts accordingly. In addition, the recent use of macro-prudential policies to address housing market activity eases one of the inhibitions for a rate cut. The market is currently pricing in about a one in 20 chance of this materializing next year.

The risk may be somewhat greater than that In part, there seems to be too much made of the trade-off between the fiscal stimulus and monetary easing. It is so pre-crisis. This week’s data is likely to show that CPI continues to moderate and, despite the launch of a new low-income family benefits program, retail sales like fell in August, and the risk is on the downside of the median forecast of -0.1%.

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Source: http://silveristhenew.com/2016/10/16/four-key-events-in-the-week-ahead/


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