Canadian Current Account Deficit Q2 - $2.33 billion over consensus | StatsCan Releases Balance of Payments

Just out Canada's Q2 Current account deficit coming in at $15.33 Billion, well over the $13 billion consensus. 

The full report is posted on the StatsCan website: Canada's balance of international payments
Also posted on www.bloomberg.com : Canada Second Quarter Current Account Report Text

 The obvious culprit is the Canadian dollar which has been staying north of the parity mark for some time.

Above is the CADUSD over the same period of time as the Current Account chart above 2007 - Q2 2011.  A definitive break in correlation occurs around Q1 2009, leading to a persistent downward pressure over the past 2 years.



Another interesting chart is Canada's Foreign Direct Investment

Q2 brought us the highest level of Acquisition of Direct Investment Interest since Q1 of 2008.

Consumer Confidence Report - Big Miss - Employment Situation Friday

Consumer Confidence Report

Prior Prior Revised Consensus Consensus Range Actual Consumer Confidence - Level 59.5  59.2  52.5  45.0  to 59.0  44.5

Released on 8/30/2011 10:00:00 AM For Aug, 2011

From Bloomberg : Economic Calender 

As expected in yesterday's post : Big week - A slew of economic data this week will make markets rocky

Consumer Confidence released today at 10am was a huge miss.  The other piece of economic data to watch out for comes in Friday which is the employment situation.

A Recession is looking ever more likely as the economic data has been confirming the stock market plunge over the past couple months.

Big week - A slew of economic data this week will make markets rocky

The big number will be the employment report coming out Friday.
Bloomberg economic calendar has every major event this week listed with general consensus figures.


Last weeks two misses:

	Prior	Consensus	Consensus Range	Actual
Real GDP - Q/Q change - SAAR	1.3 %	1.1 %	0.7 % to 1.6 %	1.0 %
GDP price index - Q/Q change - SAAR	2.3 %	2.3 %	2.3 % to 2.4 %	2.4 %

 Released on 8/26/2011 8:30:00 AM For Q2p

	Prior	Prior Revised	Consensus	Consensus Range	Actual
New Home Sales - Level - SAAR	312 K	300 K	313 K	302 K to 330 K	298 K

 Released on 8/23/2011 10:00:00 AM For Jul, 2011






Zerohedge has a great summery of this weeks events: How The Economy Quietly Entered A Recession On Friday, And Why The GDP Predicts A Sub-Zero Nonfarm Payroll Number

The chart most relevant to the Economic Data August 29 - September 2