International securities transactions and the Bank of Canada's monetary policy report highlight today's Canadian economic releases as U.S. markets receive jobless claims and housing starts, followed by the Philadelphia Fed's manufacturing report for July.

At 8:30 a.m. EDT, Statistics Canada will release international securities transactions for May. Economists are expecting transactions to total C$3.5 billion compared to the previous month's C$9.751 billion level.

Also at 8:30 a.m. EDT, Statistics Canada will release its report on travel between Canada and other countries for May.

Also scheduled for release at 8:30 a.m. is the release of Statistics Canada's Canadian Economic Observer.



Turning to the U.S., the U.S. Department of Commerce will release housing starts and building permits for June at 8:30 a.m. EDT. The consensus is looking for starts to total 960k compared to the previous month's 975k level. Building permits are projected to have totalled 965k in June compared to April's 978k level.

Also at 8:30 a.m., the U.S. Department of Labor will release initial and continuing jobless claims for the weeks ending July 12 and 5 respectively. Economists expect initial jobless claims to rise 380k compared to the previous week's 346k level. Continuing claims are expected to decline to 3180k compared to the 3202k level in the week prior.

At 8:45 a.m. EDT, Fed Governor Randall Kroszner will participate in a panel discussion organized by the FDIC's Interagency Minority Depository Institution National Conference Agenda.

At 10 a.m. EDT, the Philadelphia Fed will release its manufacturing report for July. Economists expect the headline index to rebound to a reading of -15.0 from the previous month's -17.1 level. Markets will also be paying attention to the new orders, prices paid and employment indexes, which scored -12.4, 69.3 and -6.9 respectively.

At 10:30 a.m. EDT, the Bank of Canada will release its monetary policy report.

Also at 10:30 a.m., the Bank of Canada will sell C$2.3 billion in 2008.08.01 bills.

At 10:35 a.m. EDT, the Energy Information Administration will release natural gas inventories for the week ending July 11. Economists expect a build of 88 Bcf after the previous week's 90 Bcf rise.

At 4:30 p.m. EDT, the Fed will release M1 and M2 money supply for the week ending July 16.

8:30 CA International Securities Transactions May Exp: C$3.500B Prior: C$9.751B

8:30 CA Travel Between Canada and Other Countries

8:30 US Housing Starts June Exp: +960K Prior: +975K

8:30 US Initial Jobless Claims W/E July 12 Exp: +380K Prior: +346K

8:30 US Continuing Claims W/E July 5 Exp: +3180K Prior: +3202K

8:30 US Building Permits June Exp: +965K Prior: +969K Revised +978K

10:00 US Philadelphia Fed. July Exp: -15.0 Prior: -17.1

10:30 CA Bank of Canada Monetary Policy Report

10:30 CA Bank of Canada to Sell $2.3 Billion in Cash Management Bills

10:35 US EIA Natural Gas Storage Change Exp: +88 Bcf Prior: +90 Bcf

By Erik Kevin Franco and edited by Nancy Girgis