Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Yen soars moderately after better-than-expected wages data
On Friday, the Japanese yen inched up modestly in Asia after better-than-expected average cash earnings with a poor private jobs report putting pressure on market sentiment.
The currency pair USD/JPY demonstrated 113.21, sliding 0.01% after Japanese average cash earnings grew better than expected, gaining 0.7%, unlike a revenue of 0.4% observed.
The currency pair AUD/USD hit 0.7581, descending 0.07%.
Estimating the greenback’s value versus six crucial currencies, the US dollar index went up 0.02%, trading at 95.60.
Overnight, the greenback tumbled to session minimums versus six key currencies after several labor market reports undershot hopes, hinting at a cooling labor market.
On Thursday, investor jitters regarding the strength of the American economy came to the fore, reacting the publication of weaker-than-expected initial jobless claims as well as private sector job creation data, dropping a hint at a probable slowdown in labor market activity.
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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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