- January 23, 2025
- Posted by: Melanie Scott
- Category: Market News
In November, Canadian retail sales remained largely unchanged, showing minimal movement overall. However, core retail sales (excluding automobile) fell by 0.7%, with six out of nine subsectors experiencing declines. The food and beverage sector was the biggest contributor to this downturn with sales dropping 1.6%. Following this data the CAD is currently down against nearly all of its major counterparts.
In the U.S., jobless claims rose by 6,000 reaching 223,000 for the week. Although the DXY is headed for its second consecutive week of loss, investor sentiment around the USD remains positive as markets anticipate new policies from President Trump aimed at stimulating growth. The key short-term focus is on tariffs—specifically, the speed and severity with which they will be introduced. President Trump is scheduled to speak later today at 11:00 EST.
The Bank of Japan is expected to announce a 25 basis point rate hike during tonight’s policy meeting, following their CPI data this evening.
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