Canada: Expect a 0.1% uptick in July industry-level GDP - TDS

All eyes turn to the Canada’s July GDP report, viewed in context of the BoC’s cautious turn and analysts at TD expect a 0.1% uptick in July industry-level GDP, in line with consensus and with balanced risks.

Key Quotes

 “July growth if realized would be consistent with real Q3 GDP growth in the mid-2% range, above estimates from the July MPR (2.0%). It will likely take substantially more upside to make a convincing case for a near-term rate hike, as Poloz seems more inclined to look through strong demand given uncertainty over the supply side of the economy.”