Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Greenback approaches 15-month minimums with US data in focus
On Wednesday, the American dollar was fluctuating close to 15-month minimums versus a currency basket because traders shifted their attention to major economic events this week, especially Friday’s American jobs report for July.
The US dollar index was worth 92.83, having declined to 92.64 on Tuesday, which is its lowest reading since May 2016.
The evergreen buck has been suppressed by a bunch of concerns over political turmoil in the US, not to mention recent dismal economic reports that have spurred doubts over the future pace of policy tightening by the key US bank.
The greenback had been underpinned by the Fed's gradual policy tightening since 2015, although the prospect that other key financial institutions might join it in tightening monetary policy has also contributed to dollar weakness.
Versus the Japanese yen, the greenback grew, with USD/JPY soaring 0.31% hitting 110.69, drifting away from its seven-week minimum of 109.92 demonstrated on Tuesday.
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Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
USD is waiting for the jobless claims!
The US unemployment claims are announced on Thursday at 15:30 MT time.
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