Aug 30 – Economic Events Outlook – Canadian GDP in Spotlight
Arslan Butt • 2 min read
The Greenback continued to trade bearish despite better than expected prelim GDP figures from the United States. Well. it’s mostly because the US and Chinese officials ended two days of trade talks without any major breakthroughs. The markets are suffering from the trade war which kicked in after the U.lS imposed another round of tariffs on $16 billion worth of imports from China. Speaking about the fundamentals, here’s what I’m looking to trade today…
Watchlist – Key Economic Events Today
EUR – German Prelim CPI m/m
As you know, Germany is one of the major business hubs in the Eurozone and the economic releases from Germany do impact the market a lot.
Destatis is due to release the prelim CPI (consumer price index) data from Germany. As per economists forecast, the data is expected to be 0.1% vs. 0.3% previously.
Newbies, the CPI shows a change in the price of goods and services purchased by consumers. The greater number (>0.1%) can support the single currency Euro today.
EUR – Spanish Flash CPI y/y
Likewise, the inflation data from Spain also remains in highlights. Typically the Spanish CPI figure is overshadowed by the German CPI data. Anyways, economists aren’t expecting any change in the previous figure of 2.2%.
CAD – GDP m/m
The Statistics Canada is due to release the Canadian GDP figures at 13:30 (GMT) today. For your info, the GDP data shows a change in the inflation-adjusted value of all goods and services produced by the economy. Since it’s the broadest measure of economic activity and the primary gauge of the economy’s health, investors focus on the release to determine future trends.
As per economists’ forecast, the Canadian economic growth seems to face a slowdown from 0.5% to 0.1%. It’s going to be a headwind for the Loonie today until and unless the GDP figure surprisingly beats the previous growth rate of 0.5%. Looks like, the trade war between the US and Canada has started to show its impact on the Canadian markets.
That’s pretty much it for now, but stay tuned to FX Leaders for forex trading signals and exciting trade setups. In fact, you can even follow our economic calendar for live coverage of Canadian GDP by professional analysts. Good luck!