Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
USD is waiting for the jobless claims!
Information is not investment advice
The US unemployment claims are announced on Thursday at 15:30 MT time.
Instruments to trade: EUR/USD, GBP/USD, USD/CAD, USD/JPY
Initial jobless claims posted each Thursday in the US became a central tool to track the pulse of the reopening process in the States – or re-closing. The last release revealed 1.31 million claims for unemployment benefits – down from 1.41 a week before. In general, it is obvious that we are seeing a gradual decrease in the number of jobless people. However, due to the latest infection spikes in the US and the cancellation/freezing of re-opening procedures in some of the states, we may see slower recovery compared to the previously observed tendency. 1.25 million is the expected figure this time.
- If the jobless claims are lower than expected, the USD will rise;
- If the jobless claims are higher than expected, the USD will fall.
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Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
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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.
Big day for USD
The US NFP will be published on August 7 at 15:30 MT time.
All eyes on AUD
The RBA will make a rate statement on August 4 at 7:30 MT time.
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