The European Central Bank will publish a monetary policy statement and release the main refinancing rate at 14:45 on September 10.
CAD: is Canadian GDP puzzled?
Canadian monthly GDP will be out at 15:30 MT time on Friday.
Instruments to trade: USD/CAD, NZD/CAD, CAD/JPY, EUR/CAD
Monthly GDP is the primary economic indicator for any country. For Canada, it has been declining since March 2018. Only the November figure broke the trend and rose to the level of 0.1%. That surprised the market, which believed there would be nothing better than 0% at that time. However, many say that the reason why the GDP rate gained was unusually cold weather in November, which boosted the utilities sector and pushed the GDP. Strategically, the fundamentals in the last quarter of 2020 are more depressive than promising, especially in view of the rail strikes and pipeline ruptures that have kept happening in Canada up until now. On the other side, the US President is pressing on the USMCA alliance, which should bolster the Canadian economy in the long-term. Therefore, it will be safe to expect a very modest monthly GDP growth in December.
- If the monthly GDP exceeds the market forecast, the CAD will gain value;
- If the monthly GDP undershoots the forecast, the CAD will decline.
The Bank of Canada will publish a rate statement and an update on the interest rate on September 9, at 17:00 MT time.
Canada will announce the Canadian retail sales and core retail sales on August 21, at 15:30 MT time
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The New Zealand interest rate is announced on Wednesday at 05:00 MT time.
Long time we haven't checked the S&P 500 stocks - there are interesting events and trends to follow.