Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2.
Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
The gross domestic product measures the change in the value of the goods and services produced by the economy. Also, it tends to move the domestic currency pretty much. Last month, the Canadian dollar appreciated right after the release. Though the figures signaled that the economy was weak, they came out better than the forecasts (-11.6% vs. -12.5% expected). Prepared for the worse, traders started to buy the CAD against other currencies. That’s why it’s a good chance for trading the CAD on Friday.
- If the indicator is higher than the forecasts, the CAD will go up;
- If the indicator is lower than the forecasts, the CAD will go down.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.