Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Australian dollar slumps as China posts stable GDP output
On Monday, the Australian dollar tumbled ahead of China’s second quarter GDP supposed to set the overall tone for demand for commodities.
Tracking the US currency’s value versus a basket of key six currencies, the US dollar index declined 0.04%, trading at 94.86.
China posted second quarter GDP surge with a profit of 1.7%, which generally matched expectations and a year-on-year leap of 6.9%, which came in moderately higher than the forecast 6.8%. Furthermore, China unveiled that the country’s industrial output added 7.6% in June from a year earlier, while retail sales tacked on 11% in the same month.
The currency pair AUD/USD showed 0.7823, slumping 0.09% with China a key trading partner for metal, energy as well as food commodities. Meanwhile, USD/JPY demonstrated 112.44, sinking 0.09%.
On Thursday, the ECB meeting will offer fresh clues on when the key bank will give up its ultra-easy policy. On Monday, Japanese markets aren’t available for a holiday.
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.