Canadian Dollar Rallies Ahead of Retail Sales
The Canadian dollar has strengthened ahead of its retail sales report tomorrow.
The strong rise in wholesale sales suggests that consumer spending should have been strong. The recovery in oil prices is also helping. The New Zealand dollar was the only the currency to lose value against the greenback today. The overriding fear in the markets right now is that the Reserve Bank will make dovish comments following their monetary policy meeting this week. Visitor arrivals and credit card spending was weak in June, pointing to weaker consumer spending last month. The Australian dollar on the other hand edged higher as stronger vehicle sales offset softer producer prices.
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