The Importance of Retail Sales in June

The UK CBI distributive trade survey has had three months in positive territory. But we've seen weaker retail and lots of wheat does in the UK, so this would just add this to the list,. There's a many a slip between cup and lip in terms of really extrapolating to what those numbers are. In general, I think the message was that they look pretty weak to me. On Canada, remember we had a five month hiatus from the Bank of Canada and then they resumed tightening at the last meeting. Although we're looking for a decent drop in headline Canadian inflation, the core numbers may be only down two or three tenths and trading close to four.