The British monthly GDP is announced on Friday at 09:00 MT time.
How to trade CAD ahead of the GDP release?
Canada will publish its monthly GDP growth rate at 15:30 MT on January 31.
The year of 2019 was quite dull for the Canadian economy. In fact, it started well, showing a 0.6% growth rate in March, but since then the pace of economic growth has been declining more and more. Eventually, it reached a negative 0.1% in October, while the markets expected the nation’s GDP to rise by 0.1%. Mainly, such a performance resulted from the weaker manufacturing sector (the services industry remained unchanged). The manufacturing PMI was slightly higher in November compared to the October reading. However, the December number turned out quite disappointing. Let’s see how these figures affected Canadian monthly GDP for November.
- If the GDP growth exceeds market expectations, the CAD will rise.
- If the GDP underperforms the market expectations, CAD will fall.
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The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.