– Chinese retail and industrial production strong, exports weak in November
– Central Bank of Russia likely on hold
– Turkish GDP to surprise strong
What to watch for today
CAD: Temporary housing relief. Our economists expect today’s housing starts number to surprise to the upside with a 215K print, up from 204.1K in October and sharply at odds with consensus set for a 200K reading. We still are of the view that the housing correction is likely to continue, but in the near term, we believe the 6.9% mom gain in October building permits points to a strong print on housing starts. This would likely bias USDCAD to the downside in the near term, especially in the light of the strong employment report released last week.
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