Forex, oil, gold, and stocks on April 4-8
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Will the Canadian dollar rise?
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Instruments to trade: USD/CAD, EUR/CAD, CAD/JPY, CAD/CHF
In September, the Canadian economy grew 0.8% against the value of August. That’s a slightly weaker performance after 0.9% the month before, and significantly weaker than 2.5%, 6.2%, and 4.6% in the previous months consecutively. And the thing is, it’s not bad news: a developed country rarely sees figures higher than 1% of economic growth month over month. So seeing the GDP slowly calm down should mean that the Canadian economy is most probably getting back to normal. That’s a strategic view though. In the short-term, on the day of the GDP announcement, the market will move according to its expectations. If the GDP is better than thought, the market will push the CAD; otherwise, it will drag it down.
- If the GDP outperforms expectations, that may push the CAD.
- If the GDP underperforms, the CAD may go down.
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Latest news
The US NFP: What’s New?
The US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on July 8, at 15:30 MT time.
What Are FOMC Insights?
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
Will Australian Cash Rate Change?
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
