The United States will publish a weekly update on unemployment claims on July 9, at 15:30 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.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The market sentiment is mixed. Let’s look at most interesting movements on the market today.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.