⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Sep 5 – Economic Events Outlook – Loonie Pairs on the Radar!

Just like Tuesday, the market is likely to remain volatile today on the back of the Canadian trade balance, and monetary policy event as well as the UK’s services PMI. Take a look…

Watchlist – Key Economic Events Today

 

GBP – Services PMI

At 9:30 (GMT), the Markit is scheduled to release the non-manufacturing PMI figures with a forecast of 53.9 vs. 53.5. It’s a leading indicator of economic health. Businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy.

 

Fellas, I will be looking to go long on sterling only if services PMI surprises the market with 55 or higher figure. Likewise, selling is preferred upon the release of 51 or lower figures.

CAD – Trade Balance

The Canadian trade balance figure increased to -0.6B from -2.7B in July which demonstrates the rise in exports vs. imports. That’s exactly what the Canadian economy wants. Canada is an export-oriented economy and a rise in exports improves the economic health.  

 

You should monitor the data at 13:30 (GMT) as the economists are expecting a trade deficit of -1.1B in Aug which is greater than  -0.6B in July. A rise in the trade deficit is gonna place a bearish pressure on the Loonie.

CAD – Monetary Policy Report

Speaking about the overnight rate, the Bank of Canada lifted its interest rate back in July from 1.25% to 1.50%. In addition to that, they maintained a hawkish bias, despite the trade war uncertainty.

 

This time, Governor Poloz is unlikely to move on the rates, leaving it to a meeting that also consists of a press conference. Nevertheless, they will express themselves in the statement which will likely discuss trade and also recent GDP numbers.

 

However, BOC Rate Statement will be worth watching at 15:00 (GMT) to determine the bullish or bearish bias of the central bank. Stay tuned to FX Leaders economic calendar for live coverage of these events!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Avatar
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
🔒 OPEN A TRADING ACCOUNT