This Tuesday at the main time slot for North American news 8:30am EST (1:30pm GMT) alot of data came out of both the USA and Canada. Just 1 and a half hours early Canada had released its CPI figures and now it was releasing its Retail Sales. Also the USA was releasing its GDP figures. Both numbers had potential to cause nice moves in the Forex and Futures markets, but it is kind of a waste to release them all at once as a deviation in the US number can affect the US Dollar and effect the price of USDCAD which is responding to the Canadian data. We can try to mute this somewhat by trading EURCAD or CADJPY but still these pairs will react to any move in the USD and it is the main pair which is involved in the majority of transactions in forex. Anyway here is the Data:
CANADA SEPT RETAIL SALES M/M: 0.6% V 0.7%E; RETAIL SALES LESS AUTOS M/M: 0.4% V 0.3%E
- Prior Retail Sales MoM revised higher from 0.5% to 0.7%.
- Prior Ex Autos MoM revised higher from 0.4% to 0.6%.
(US) Q3 PRELIMINARY GDP Q/Q ANNUALIZED: 2.5% V 2.4%E; PERSONAL CONSUMPTION: 2.8% V 2.5%E
(US) Q3 PRELIMINARY GDP PRICE INDEX: 2.3% V 2.3%E; CORE PCE Q/Q: 0.8% V 0.8%E
Not a significant deviation in any of these numbers to get interested in this. The Canadian Data was actually mixed with headline -0.1 and core +0.1, these sorts of conflicts are what traders want to avoid and why its best to use a larger deviation so chances are both figures will agree. Included is a 10 second chart of the USDCAD which shows how price blipped up 10 pips and then turned around back down 20 pips....nothing here.
Also be sure to check out Doug Ragan blog entry for Trading the US GDP with the EMini S&P 500 Futures Contract
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