Good morning on the first day of March and the 60th day of 2005.
Apparently the consumer is still alike and kicking, showing year over year sales growth in the latest week of 3.3 percent:
“Despite the tough comparison with year-ago sales growth, sales momentum was robust,” said Michael Niemira, ICSC’s chief economist and director of research. “Customer traffic remained healthy for the four-week fiscal month of February and finished on an impressively strong note.”1
The Bank of Canada – Canada’s central bank with a role akin to the US Federal Reserve – left the key overnight interest rates unchanged at 2 1/2 percent.2 Widely expected, its doubtful this decision will have much impact on the Canadian dollar which has been trading somewhat apart from other major currencies as of late.
US Dollar Index – currently bouncing to 82.83, Gold is under pressure off 3.70. Welcome to a potential failed bear flag at worst, or chop at best.
US Market Calendar
- 8:55 am: Redbook – Feb. 26th week1
- 10:00 am: ISM Manufacturing Index – Feb.
- 10:00 am: Construction Spending – Jan.
- 4:00 pm: Auto Sales – Feb.
Canadian Market Calendar
- 8:30 am: Industrial Product Price Index – Jan.
- 8:30 am: Raw Materials Price Index – Jan.
- 9:00 am: Bank of Canada Rate Policy Announcement2
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
1 Chain Stores Sales Rebound in Latest Week
2 Bank of Canada keeps target for the overnight rate at 2 1/2 per cent
05.03.01 09:11 #