Canada’s GDP beat.
The North American country’s economy grew by 0.5% month-over-month in July, above economists’ expectations of 0.3%.
The previous month saw GDP rise by 0.6%.
“With oil production now almost back to its pre-wildfire level, the scope for further gains in the coming months is much more limited,” wrote Paul Ashworth, the chief North America economist at Capital Economics after the data crossed.
“Accordingly, while third-quarter GDP growth will be strong, the fourth quarter could be more problematic, particularly with the first signs of a housing downturn hitting both construction and real estate,” he added.
The Canadian dollar ticked up slightly after the data crossed. The currency is up 0.2% at 1.3119 per dollar as of 8:43 a.m. ET, after being down earlier in the morning.