The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
Will the AUD have a reason to rise?
RBA will share its Monetary Policy Meeting Minutes on Tuesday at 04:30 MT time.
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
On May 5, the Reserve Bank of Australia announced it would hold the interest rate steady at 0.25%. It also said that there would be no intention to increase it unless and until the economy moves towards full employment. Noting the fragile state of the labor market, that target will stay far away in the nearest future. However, we will want to know the exact details about the estimated damage that the Australian economy is expected to suffer in the Q2 as that will largely define how the recovery will go. Therefore, we will look for those details in the Monetary Policy Meeting Minutes to grasp the overall tone of what’s coming to Australia in the nearest months.
- If the Meeting Minutes give brighter details in the economic outlook, the AUD will rise.
- If the Meeting Minutes share a harsh economic outlook, the AUD will fall.
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The Federal Open Market Committee will make its statement and announce the interest rate on July 29, at 21:00 MT time.