New Housing Price Index m/m comes in at -0.1% against -0.2% consensus

The Canadian New Housing Price Index month over month for August came in at -0.1%. This figure was stronger than the consensus expectation of -0.2%, representing a 50.0% surprise against the forecast. The previous month’s reading was also -0.1%.

Following the release, the Canadian dollar saw varied movements against major currencies. Fifteen minutes after the data, AUDCAD was up +7.5 pips, EURCAD was up +6.3 pips, GBPCAD was up +7.2 pips, NZDCAD was up +5.1 pips, and USDCAD was up +2.2 pips. Conversely, CADCHF was down -2.8 pips and CADJPY was down -3.4 pips. Compared to historical median 1-hour moves, the initial reactions for most pairs appear relatively small. For instance, USDCAD’s +2.2 pips move is notably smaller than its median 1-hour move of 10 pips, and CADCHF’s -2.8 pips is less than its median of 6 pips.