Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Greenback slumps vs. counterparts ahead of American GDP data
On Friday, the greenback decreased versus other key counterparts because recent comments by the Fed kept weighing. Moreover, traders were still waiting for the publication of second-quarter surge data due later in the day.
The currency pair EUR/USD gained 0.15% trading at 1.1694, which is not far from Thursday’s two-and-a-half year maximums of 1.1777.
The Fed’s cautious tone on inflation generated fresh uncertainty over the likelihood of a third rate lift in 2017.
The major US bank also told that it expected to start shrinking its balance sheet in the nearer future, thus powering hopes for an announcement already in September.
The currency pair GBP/USD gained 0.17% trading at 1.3088, drifting away from last session’s 10-month maximum of 1.3159.
USD/JPY tumbled 0.31% being worth 110.91.
Meanwhile, in June, Japan’s household spending soared by 1.5%, ruining expectations for a 0.1% sag.
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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.
Latest news
Big day for USD
The US NFP will be published on August 7 at 15:30 MT time.
Main market movements on August 6
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
GBP is in focus
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
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