The greatest sale of Bitcoin continues! It has approached the psychological mark of $30,000. The traders’ focus remains on Thursday’s report on US inflation.
Is the Canadian economy recovering?
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
GDP is one of the most important indicators of the economic activity of a country. It represents the inflation-adjusted value of all goods and services produced by the economy. According to September’s release of Canadian GDP growth, the supportive measures by the government and the Bank of Canada helped the Canadian economy to recover. The indicator advanced by 3% (vs. the forecast of 2.9%). This was the fourth in a row bigger-than-expected release of the Canadian GDP. The Canadian dollar strengthened significantly after the release.
- If the GDP growth is higher than the forecast, the CAD will rise;
- If the GDP growth is lower than the forecast, the CAD will fall.
The Bank of Canada releases a monetary policy statement with an update on the interest rate on June 9, at 17:00 MT time.
Don’t expect to relax after a super volatile previous week! The market is getting ready for yet another roller-coaster!
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?