Is the Canadian Dollar’s Collapse the Canary in the Coal Mine for North American Markets?
Personal Spending rose 0.3% MoM in June, slightly below expectations of 0.4% but still marking a strong rebound from the 0.1% decline in May. Meanwhile, Personal Income increased by 0.3%, beating forecasts of 0.2% and recovering sharply from the 0.4% drop in the prior month. In addition, the Initial Jobless Claims for the week came in at 218K, slightly below expectations of 224K, pointing to a still-tight labor market.
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