Three Currencies to Watch This Week

Three Currencies to Watch This Week

We prepared an outlook of major events of this week. Check it and be ready!

Canadian GDP

February 28, 15:30 GMT+2

Statistics Canada will release the monthly Gross Domestic Product (GDP) change on February 28, 15:30 GMT+2. It’s a change in the inflation-adjusted value of all goods and services the economy produces.

Surprisingly enough, Canada managed to avoid recession. The country didn’t see a single negative monthly reading over the last 18 months. GDP rises a few every month gaining around 0.1%. We can’t say the reading will be lower this time. However, if it happens, the CAD will surely experience a hard time. The last release came as expected and caused CADJPY to rise by 1000 points.


  • If GDP is higher than expected, the CAD may rise.
  • Otherwise, the CAD will plunge.

Instruments to trade: USDCAD, CADJPY, EURCAD.

Australian CPI

March 1, 02:30 GMT+2

The Australian Bureau of Statistics will publish the monthly Consumer Price Index (CPI) on March 1 at 14:30 GMT+2. It’s a change in the price of goods and services consumers purchase. Traders call it consumer-driven inflation.

The Reserve Bank of Australia failed to slow down inflation. Three out of four last releases turned out to be way above expectations. AUDUSD lost 14% in 2022. Therefore, the downturn may continue if the reading is higher than expected. 


  • If CPI is higher than expected, the AUD will plunge.
  • Otherwise, the AUD may rise a little.

Instruments to trade: AUDUSD EURAUD, AUDNZD

US ISM Services PMI

March 3, 17:00 GMT+2

The US Institute for Supply Management (ISM) will release Purchasing Managers’ Index (PMI) on March 3 at 17:00 GMT+2. It’s the result of a survey of 300 purchasing managers. ISM asks them to rate business conditions on a scale of 0 to 100. An above-50.0 reading means the economy is expanding. On the contrary, below-50.0 numbers show economic weakness.

It’s a leading indicator of economic health because businesses react quickly to market conditions. Thus, every time the reading affects EURUSD, XAUUSD, and GBPUSD. High numbers mean the economy is solid, and the Fed may tighten the monetary policy more, pushing the USD up.


  • If the reading is above expectations, the USD will soar.
  • Otherwise, the USD may slide lower.

Instruments to trade: EURUSD, XAUUSD, USDGBP.



Will the CPI Crash the USD?
Will the CPI Crash the USD?

 The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!

Latest news

The US Dollar May Decline
The US Dollar May Decline

Mester (Fed) says the Fed will have to raise rates again this year. However, the US dollar index shows signs of a short-term decline. Read the full article and learn more!

NFP, Oil, and US Stocks Highlight This Week
NFP, Oil, and US Stocks Highlight This Week

Welcome to the first week of October!  As usual, at the start of the week, we are looking for valuable insights that will bring us profits in trading. Let’s observe the main events. 

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