Canadian monthly GDP growth rate is announced on Tuesday at 15:30 MT time.
Will the GBP get stronger on PMIs?
UK Services and Manufacturing PMIs are announced on Friday at 11:30 MT time.
Instruments to trade: EUR/GBP, GBP/USD, GBP/JPY, GBP/CHF
The GBP is in a hard position now – as it apparently will be during the entire 2020. On the one hand, the British authorities are coming up with strong monetary stimulus and other measures to fight off the virus fallout and jump-start the UK economy. On the other hand, Boris Johnson’s stance in Brexit negotiations is becoming more and more rigid. In the meantime, the British economy is contracting in almost all spheres at a frightening pace. Although the situation has been somewhat stabilizing since April, the latest PMI results are still below the key mark of 50.0 that would signal the industry expansion. Therefore, some good news from this front would definitely help the GBP to stay afloat.
- If the PMIs reveal better-than-thought results,
- the GBP will rise.Otherwise, it 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.