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    CAD: FSR expected with emphasis to remain on housing – RBC CM Sandeep Kanihama

    Sue Trinh, Senior Currency Strategist at RBC Capital Markets, suggests that the latest semi-annual FSR for Canada is released with emphasis expected to remain on household debt and the regional divergences in housing markets (Vancouver 19.8% y/y, Calgary -3.5% y/y in April from the Teranet HPI). Key Quotes “The BoC highlighted in the May 25th rate statement that “household vulnerabilities have moved higher” and this should be reiterated in the FSR. The latest household balance sheet data (Q4) showed an all-time high of 165.4% in the credit market debt-to-income ratio (Q1 to be released on June 14th). Outside of housing, risks including an abrupt increase in global term premiums and stresses from China and other EMEs should remain from the last FSR in December. For the special reports, fixed income market liquidity (highlighted as a vulnerability in December) and energy exposure in capital markets are possible topics.”


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