FX Markets Weekly Wrap FX Weekly: US dollar remains on edge The US dollar is enjoying a strong end to the week thanks to signs of economic resilience in the latest US Employment Report but, for the second week in a row, the DXY Index is little changed on net... 6th June 2025 · 5 mins read
Canada Economics Weekly Canada Weekly: The Start of the Deal? While a new trade and security deal between the US and Canada looks to be on the horizon, the Canadian government is right to begin exploring other avenues too. Lowering interprovincial trade barriers... 6th June 2025 · 5 mins read
Capital Daily Investors don’t seem very worried about the US economy May’s Employment Report in the US ought to assuage concerns about the economy after some softer data earlier this week. But even if growth there holds up over the rest of the year, investors’ current... 6th June 2025 · 4 mins read
Canada Rapid Response Canada Labour Force Survey (May 2025) The rise in employment in May was better than expected but, paired with recent data, still shows that the labour market is struggling. We are therefore sticking to our view that the Bank of Canada... 6th June 2025 · 2 mins read
US Rapid Response US Employment Report (May 2025) The 139,000 gain in non-farm payrolls was not as good as it looks, given its narrow breadth and the 95,000 downgrade to payroll gains over the prior two months. Nevertheless, it shows that tariffs are... 6th June 2025 · 3 mins read
US Economics Update Trump unlikely to drive down drug prices substantially If President Trump succeeded in his aim of cutting prescription drug prices by 50% “almost immediately”, it could subtract more than 1%-point from headline PCE inflation. There is little indication of... 5th June 2025 · 5 mins read
Canada Economics Update Still strong immigration will push unemployment higher Visa approvals for temporary residents have picked up, which suggests that, rather than contracting as the government previously outlined, the population will continue to grow this year. This will... 5th June 2025 · 4 mins read
US Rapid Response US International Trade (Apr 2025) The huge narrowing of the trade deficit in April was largely driven by a steep drop in pharmaceutical product and gold bullion imports, reversing their earlier surge as tariff front-running ahead of... 5th June 2025 · 2 mins read
Canada Rapid Response Canada International Trade (Apr. 2025) The jump in the trade deficit to a record high in April was larger than expected as tariff front-running reversed with “Liberation Day” and Canadian exporters paused to make more of their output USMCA... 5th June 2025 · 2 mins read
US Commercial Property Update Tariff upheaval not expected to derail industrial upturn The recent court ruling on tariffs has put industrial demand back in the spotlight. Our view is that not enough has changed yet to make wholesale revisions to our short-term view and that, beyond this... 4th June 2025 · 3 mins read
Canada Economics Update Bank of Canada bides its time, but cuts still coming The Bank of Canada avoided surprising markets by keeping its policy rate at 2.75% today, as it continues to wait to see the full impact of US trade policy on the economy. Nonetheless, the Bank... 4th June 2025 · 3 mins read
Global Economics Update Policy turmoil starting to damage investment intentions Trade policy uncertainty has damaged investment intentions in the US, Canada, Mexico and South East Asia. But intentions elsewhere have held up better and investment growth itself has yet to falter... 4th June 2025 · 4 mins read
US Economics Update Steel tariff hike deals fresh blow to manufacturers Any short-term boost to domestic steel and aluminium production from higher tariffs is likely to be short-lived and offset by declining output in metal-using industries – making the tariff hike a drag... 4th June 2025 · 3 mins read
Capital Daily Section 899 might not be so taxing on US bonds and equities We doubt Section 899 of the One Big Beautiful Bill that passed the House of Representatives in May will have the big negative effects on US asset markets that some seem to fear, even if it remains... 4th June 2025 · 5 mins read
US Rapid Response US ISM Services Index (May 2025) The surprise fall in the ISM services index for May suggests that tariff effects are weighing on activity outside of the manufacturing sector, but the Fed is likely to be more concerned by the further... 4th June 2025 · 1 min read
Canada Rapid Response Bank of Canada Policy Announcement (Jun. 2025) The Bank of Canada avoided surprising markets by keeping interest rates unchanged at 2.75% today, as it continues to wait to see what the full impact of uncertain US trade policy on the economy will... 4th June 2025 · 2 mins read
