Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Will the Bank of Canada shake the loonie?
The bank of Canada will make its monetary policy statement and announce the official rate on April 24, at 17:00 MT time.
We anticipate the interest rate to remain unchanged at 1.75%. However, the Bank of Canada governor Stephen Poloz may throw some hints on the possible changes to the monetary policy of the bank in the future amid the global uncertainties. As the rumors about the possible rate cut keep circulating, it would be interesting to hear the opinion of the BOC governor. Moreover, his comments will likely affect the performance of the Canadian dollar.
• If the BOC is hawkish, the Canadian dollar will go up;
• If the BOC is dovish, the Canadian dollar will go down.
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Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
USD is waiting for the jobless claims!
The US unemployment claims are announced on Thursday 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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