Economic calendar: Canada retail sales and spat between the US Treasury and the Fed

  • US Treasury refuses to extend some of Fed's emergency loan programs
  • Retail sales figures from Canada
Economic calendar is light today with Canada retail sales figures being the only noteworthy releases. Given that there are no major, market moving data scheduled for release, today’s trading is likely to be dominated by headline news regarding the spat between the US Treasury and the Fed. US Treasury Secretary Steven Mnuchin said he will not extend several emergency loan programs set up with the Federal Reserve to support the economy. Mnuchin also requested that the Fed return all of the unused CARES Act funds that were allocated to its emergency lending programs by the end of the year. The Fed responded by issuing its own statement urging that “the full suite” of facilities be kept in place. This is the first serious sign of discord between the top two U.S. economic policymakers and added to market anxiety about broader economic recovery.  
  • 1:30 pm GMT – Canada New Housing Price Index YoY (OCT). Previous: 3.2%
  • 1:30 pm GMT – Canada Retail Sales MoM (SEP). Expected: 0.2%. Previous: 0.4%
  • 1:30 pm GMT – Canada Retail Sales MoM (SEP). Expected: 0.2%. Previous: 0.4%
  • 1:30 pm GMT – Canada Retail Sales Ex Autos MoM (SEP). Expected: 0.2%. Previous: 0.5%
  • 3:00 pm GMT – Euro Area Consumer Confidence Flash (NOV). Expected: -17.7. Previous: -15.5
Central bankers' speeches
  • 8:15 am GMT - ECB President Lagarde
  • 1:30 pm GMT - Fed Kaplan
Noteworthy US earnings
  • Foot Locker Inc (FL.US) - before market open
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