Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
Traders need to watch Australian GDP
The Australian dollar has strongly depreciated in the recent months. The Reserve Bank of Australian doesn’t aim at a soon rate hike. It means that the AUD needs a support from other sources. As positive economic data always supports a currency, better GDP figures will lead to the rise of the AUD.
GDP is the broadest measure of a country’s economic health. Australian economic growth declined to 0.4% in the fourth quarter of 2017 from 0.7% in the previous quarter. It was the weakest growth rate since a contraction in the third quarter of 2016.
The economic data will be out at 4:30 MT time on June 6.
• If the data are greater than the forecast, the Australian dollar will appreciate.
• If the data are weaker than the forecast, the Australian dollar will go down.
The Australian jobs data is announced on Thursday at 03:30 MT time.
The Reserve Bank of Australia will post a rate statement, which contains an update on the interest rate on October 6, at 6:30 MT time.