Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Will the GDP growth strengthen the CAD?
Canada will publish the monthly GDP growth on Tuesday, at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, CAD/CHF
This is the leading indicator of the economic activity of a country. As it measures the value of all products and services produced by an economy, it plays a significant role in the assessment of economic activity. A higher GDP indicates good conditions of the economy and increases the investment attractiveness of domestic currency. Last time, the Canadian GDP rose by 0.3%. This was a higher level than analysts' expectations of 0.1%. As a result, the Canadian dollar strengthened against other currencies.
• If the actual level of GDP is higher than the forecasts, the CAD will rise;
• If the actual level of GDP is lower than the forecasts, the CAD will fall.
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
The market sentiment improved after the USA reported some decreasing in coronavirus hospitalizations. Gold dropped below $2 000 and the US dollar dipped down, while stocks surged. Let’s have a closer look.
The RBNZ will make the monetary policy statement on August 12 at 5:00 MT time!
The market has started the week with a mixed sentiment…