The Loonie is a mixed bag this morning following crumbling real estate prices.

Key Movers

The US dollars trades flat this morning after the strong rally experienced over the last few days. The lack of strength today is due to retail sales data, which plunged by a record of 16.4 percent in April versus the 12.3 percent drop expected. Additionally, US job openings fell 813 K to 6.19 M in March, down from 7.00 M the prior month. Finally, the New York Fed’s Empire Manufacturing Survey showed activity continued to deteriorate in May, as non-essential activity remained on pause.The disagreement continues between the U.K. and the EU over which provisions on financial services can be included in the future trade agreement treaty. The Pound has fallen 0.85 percent versus the US dollar and 0.61 percent versus the Canadian dollar this morning.Germany plunged into recession, with first-quarter GDP tumbling 2.2 percent, the most in more than a decade. The euro-area economy as a whole shrank 3.8 percent and employment fell 0.2 percent, the first decline since 2013. In Asia, the slide in Chinese retail sales moderated in April to 7.5 percent year over year, but still missed expectations for a 6 percent drop. In Mexico, the central bank cut interest rates by 50 basis points to 5.50 percent and there was a unanimous rate cut decision, but despite the deteriorating economic growth outlook and evidence of abating inflationary pressure, Mexico’s central bank is favouring caution. The Mexican central bank mentioned that the global economic growth outlook has kept deteriorating and risks are still biased to the downside.