Daily digest market movers: CAD recovers balance but still lower against the Greenback
- Canadian data on Thursday was strictly low tier, leaving the CAD at the mercy of broader market sentiment.
- The BoC’s upcoming rate call will show whether the Canadian central bank will follow the data or stick to its push to provide support for the Canadian economy by reducing financing costs on Canada’s already-outsized housing market.
- Canadian Retail Sales loom ahead on Friday, and will be the last key data print until next Tuesday’s BoC rate call.
- Canadian Retail Sales are forecast to dip into a -0.6% contraction MoM in May after the previous month’s 0.7% growth.
- US Initial Jobless Claims for the week ended July 12 ticked higher on Thursday, rising to 243K week-on-week compared to the previous week’s revised 223K, rising even higher than the forecast 230K. A rise in near-tear unemployment claims adds weight to expectations that the labor market is softening enough to help keep the Federal Reserve (Fed) on pace for a September rate cut.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.