Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Pay attention to the inflation release for Canada
Canada awaits the release of monthly CPI on July 17, at 15:30 MT time.
Consumer prices are important as they represent one of the most significant parts of overall inflation. Central banks pay attention to this release and use it in their assessment of the possible changes to the interest rate. Rising prices drive policymakers to consider higher interest rates. On the other hand, the slowdown of CPI increases the possibility of a rate cut. June's release turned out to be positive for the CAD. Canadian CPI increased by 0.4% (vs. the forecast of 0.1%). It pushed the loonie higher. Let’s see what the release will bring to the CAD traders this time.
• If CPI is higher than expected, the CAD will go up;
• If CPI is lower than expected, the CAD will go down.
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USD: waiting for the reaction of the US purchasing managers
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Will the GDP growth strengthen the CAD?
Canada will publish the monthly GDP growth on Tuesday, at 15:30 MT time.
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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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