PPI lower than expected, but better Canada data again.
Written March 17, 2010 at 8:33 AM EST by Greg Michalowski
CPI Headline: -0.6% vs -0.2%
Ex Food and Energy +0.1% which was as expected.
YoY 4.4% vs 4.9% expected
YoY Ex Food and Energy a small 1.0% which is as expected.
The Fed is not concerned about inflation. Capacity is still low and this is not the environment for increasing prices on any level.
Meanwhile the Canadian Wholesale Sales rose by a greater than expected 3% vs 0.5% increase (fastest pace in 3 years) . The level of inventories also declined by 1.1% which brings the inventory to sales ration down to 1.19 frm 1.24. This also suggests further growth down the road as inventories are replenished.
The USDCAD has support below at 1.0100 area. A break looks toward 1.0077 and below that the lure of the 1.0000 should take hold.
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