HIGHLIGHTS OF THE WEEK – March 25
United States
- Eurozone worries resurface as Cypriot-bank bailout gets bungled. Negotiations continue with a hard deadline effectively set by the ECB, resolving to cut-off access to the Emergency Liquidity Assistance programme if no agreement is reached by Monday.
- Senate and House of Representatives both pass continuing resolution legislation, averting a government shutdown and extending short-term funding through September.
- Better than expected domestic data reassures of continued US recovery, while a still-dovish FOMC statement calms worries of an early QE-exit on recently improved payroll gains.
Canada
- While financial markets’ attention may have been turned to events in Cyprus this week, there were several economic events in Canada for economists to digest. Readings from both the manufacturing sector and retailers suggest that Canada’s economy continues to be under a winter chill in early 2013.
- The 2013 Federal Budget on Thursday focused on restraining expenditures in an effort to return to a surplus position in time for the next election.
- TD Economics also released its latest Quarterly Economic Forecast this week. We continue to expect Canada’s economy to warm up alongside a stronger economic performance in the U.S. later this year, which should help drive a much-needed improvement in exports.
For further information, please contact:
John Maveety Manager, Residential Mortgages – Greater Ottawa Area
TD Canada Trust
T: (613) 371-1984 F: (888) 899-1984 P: (866) 767-5446
