USD/CAD sees consolidation around 1.3400 ahead of Canada Inflation, oil surpasses $80.00 USDCAD Inflation Fed BOC SEO
Investors to look closely at United States Retail Sales and PPI data
As per the consensus, a decline in headline factory gate prices of goods and services is expected at 6.8% from the former release of 7.4%. Also, the coremight trim to 5.9% from the former release of 6.2% in a similar period. A decline in the US PPI could be the outcome of lower gasoline prices as it might be resulting in a lower cost of production. Also, producers are aiming to find equilibrium due to a decline in retail demand.
Analysts at RBC Economics, at Financial Post, stated that grocery price growth, which surged 11.4% year over year in November, should slow in 2023 as supply chain disruptions ease further and lower agriculture commodity prices feed through. Moreover, gas prices fell 13% in December from the month before, which could be the reason behind lower expectations for headline inflation.
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