The market sentiment is mixed, but there are still interesting movements on the market.
Traders need to watch Australian GDP
The Australian dollar has strongly depreciated in the recent months. The Reserve Bank of Australian doesn’t aim at a soon rate hike. It means that the AUD needs a support from other sources. As positive economic data always supports a currency, better GDP figures will lead to the rise of the AUD.
GDP is the broadest measure of a country’s economic health. Australian economic growth declined to 0.4% in the fourth quarter of 2017 from 0.7% in the previous quarter. It was the weakest growth rate since a contraction in the third quarter of 2016.
The economic data will be out at 4:30 MT time on June 6.
• If the data are greater than the forecast, the Australian dollar will appreciate.
• If the data are weaker than the forecast, the Australian dollar will go down.
The Australian jobs data is announced on Thursday at 03:30 MT time.
The US president is back to White House after three days spent in the hospital. Riskier assets rose, while safe havens dipped.
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.