- Inflation accelerates in May more than expected.
- IPC rises 1.4% in May, above the 1% market consensus.
- Canadian dollar without big data impact.
In Canadathe Consumer’s price index (CPI) in May rose 1.4% exceeding the expected increase of 1% and higher than the rise of 0.6% in April. The annual rate went from 6.8% to 7.7%, above the expected 7.4%; it is the highest reading since January 1983.
The Bank of Canada Core CPI it also posted a bigger than expected advance by rising 0.8% in May, up from 0.3%. Compared to twelve months ago, the rise was 6.1%, accelerating from the 5.7% in April.
The USD/CAD was not affected by the data and remained in positive territory trading near 1.2975.
The economic calendar ahead shows as a key event for Wednesday the exhibition of Jerome Powell, Chairman of the Federal Reserve before a Senate committee (the speech is estimated to be published between one and two hours before). Bank of Canada official Carolyn Rogers will deliver a public address.
Source: Fx Street
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