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RBC is out with its latest Canadian consumer spending tracker and the cardholder data from Canada’s largest bank shows a worsening picture.
The report says Canadian consumers “are tapped out”:
Details:
Comments in the report from Carrie Freestone:
Interest rates have been adjusted lower, but debt-servicing ratios are still high with households playing catch-up from previous rate hikes over the past two years. Interest rates are at high levels, and it will take some time before Canadian consumers feel a significant incentive to ramp up discretionary spending
The Bank of Canada meets next week and pricing is now at 81% for a 50 basis point rate cut.
This article was written by Adam Button at www.forexlive.com.
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