The U.S. real estate market is on solid ground! At least that's what data released yesterday show on the whole, especially given that the monthly rise of 11.8% in the number of building permits augurs well for the months ahead. Given this context, as well as a robust job market, it will be interesting to see what Fed Chair Janet Yellen and her team have in store for us in terms of U.S. monetary policy. For the moment, the September meeting is favoured for a first key rate hike. It now remains to be seen how the FOMC will guide us toward its future monetary tightening intentions while attempting to rein in potential gains by the greenback when they announce their key rate decision at 2 p.m.
Meanwhile, with a dearth of economic news on our side of the border, the loonie has been left to follow movements in the USD and the price of crude oil, which is up more than $1 a barrel this morning. In conclusion, we should also note that for the first time since 2010, OPEC member nations' petroleum export revenues for 2014 slumped below the $1 trillion threshold to $993.3 billion.
- Range of the day: 1.2260 - 1.2410
Stéphane Goulet