Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Will the Canadian dollar reverse?
Canada will release the level of GDP growth at 14:30 MT on October 31.
The indicator of GDP growth represents the change in the inflation-value of all goods and services produced by the economy. It is the broadest measure of economic activity. Policymakers use this data when making decisions regarding interest rates. Despite an anticipated increase by 0.1%, last time the indicator remained stable. As a result, the Canadian dollar weakened on the release. However, this time we may see a different outcome.
• If the indicator is higher than the forecasts, the CAD will rise;
• If the indicator is lower than the forecasts, the CAD will fall.
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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: 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.
Latest news
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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