GDP Q2:
Q/Q annualized -1.6% vs -0.6%Prior 2.2%The Canadian dollar weakened across the board following the release as the data disappointed across the board. StatCan notes that the contraction in the second quarter was driven by significant declines in the export of goods, as well as decreased business investment in machinery and equipment. These declines were tempered by faster accumulations of business inventories, higher household spending and lower imports of goods.
Traders increased slightly the rate cut bets for the BoC which now show 27 bps of easing by year-end compared to 24 bps before the release.
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