US housing starts and Canadian CPI up next
Yesterday's US homebuilder survey was at 68 compared to 66 expected and that's a small sign that lower mortgage rates are offering a boost to the sector. That's not going to show up in the data right away but we will some sense of where the market is. The consensus is for a pace of 1250K starts compared to 1191K previously.
The Canadian dollar is more likely to be on the move when the data is released at the bottom of the hour. August CPI is due and forecast to fall 0.2% on the month. The July report showed prices up a surprise 0.5% (compared to +0.2% expected). The y/y level is expected to tick down to 1.9% from 2.0%.
The BOC has three core measures, called median, common and trim. All three are forecast to remain steady and near 2%.
The Fed decision is the big event today and that will keep all markets in check. For more on what's coming up today, check out the economic calendar.
