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According to analysts at the Royal Bank of Canada, looking further into January, the BoC’s next Business Outlook survey will be another important input into Governing Council’s early-2020 deliberations.

Key Quotes

“Any increase in business confidence amid a less uncertain trade backdrop (greater likelihood of USMCA ratification and a “phase 1″ trade deal between the US and China) would support the BoC’s view that slower growth in H2/19 will prove transitory.”

“The balance of these indicators””GDP, employment and business sentiment””will be key to whether the BoC maintains a relatively neutral tone (as in December) or sounds more dovish (as in October) come January.”