Canada April CPI +1.7% y/y vs +1.6% expected ...Middle East

Prior month 2.3%CPI m/m -0.1% versus -0.2% expected. Prior month +0.3%Core CPI m/m +0.5% versus +0.1% last monthCore CPI y/y +2.5% versus 2.2% last monthCPI Median y/y 3.2% versus 2.9% estimate. Last month 2.9%CPI Trim 3.1% versus 2.9% expected Last month 2.8%CPI Common 2.5% versus 2.3% last month

The market was pricing in a 65% chance of a BOC rate cut in early June ahead of this data but that's quickly back to 51%. These core numbers are uncomfortably hot and may represent some trade war pass-thru.

This article was written by Adam Button at www.forexlive.com.

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