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Forex News: Loonie Slides As Canada Inflation Holds Steady, Retail

Loonie Slides As Canada Inflation Holds Steady, Retail Sales Drop Unexpectedly

06/22/2018 - 09:56:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its major counterparts in the European session on Friday, as Canadian retail sales fell unexpectedly in April and inflation steadied in May, paring hopes for a Bank of Canada rate hike this year.

Data from Statistics Canada showed that consumer prices edged up 0.1 percent on a seasonally adjusted monthly basis in May, the same rate as seen in the previous month.

The rate was expected to rise to 0.4 percent.

Core inflation slipped 0.1 percent on month, after a flat reading seen in the previous month.

Separate data showed that retail sales declined in April, primarily due to lower sales at motor vehicle and parts dealers.

The retail sales fell 1.2 percent on month in April, following a revised 0.8 percent growth in the previous month.

Economists had expected sales to be flat.

Core retail sales fell 0.1 percent following a revised flat reading last month.

Core retail sales have been expected to climb by 0.5 percent.

The currency showed mixed trading against its major counterparts in the Asian session. While the loonie rose against the greenback and the yen, it fell against the euro and the aussie.

The loonie declined to 0.9933 against the aussie, its lowest since June 6. The next likely support for the loonie is seen around the 1.01 level.

Having advanced to 1.5434 against the euro at 9:45 pm ET, the loonie reversed direction and fell to near a 2-month low of 1.5584. On the downside, 1.57 is possibly seen as the next support level for the loonie.

Flash data from IHS Markit showed that the euro area private sector expanded at a faster pace in June.

The composite output index rose unexpectedly to 54.8 in June from 54.1 in May. The score was forecast to fall to 53.9.

Pulling away from an early high of 83.04 against the yen, the loonie weakened to a 2-1/2-month low of 82.26. The loonie is seen finding support around the 80.5 region.

The loonie reversed from an early 3-day high of 1.3263 against the greenback, falling to a 1-year low of 1.3382. Next key support for the loonie is likely seen around the 1.35 level.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.7 percent on year in May.

That exceeded estimates for an increase of 0.6 percent, which would have been unchanged from the April reading.

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