USD/CAD was star of Thursday as Canada and United States of America were the only countries that published important economic reports. The pair scored a sizeable drop despite poor New Housing Price Index report from Canada. The better-than-expetcted US Unemployment Claims was also influential over USD/CAD rate. At night, Reserve Bank of New Zealand published quarterly Retail Sales and Core Retail Sales data. Although the results exceeded analysts’ forecasts, NZD lose strength against majors among worries caused by recent interest rate cut.
The last day of the week will begin with quarterly Flash GDP report from European Union. Market analysts expect the GDP to stay at the same level which can help Euro to gain strength against its major counterparts. In the afternoon, USA will release a series of data including Core Retail Sales, PPI, and Retail Sales. If the reports result at levels worse than last month, we may see traders flee from US Dollar to safer assets. Preliminary Consumer Sentiment by University of Michigan will be the final event of the day. USD analysts anticipate a slight improvement in the consumer sentiment, which would indicate that conditions of one of the pillars of economy, consumption, is in an improving trend.
Important Note: Any information disclosed in this daily market analysis is gathered for informative purposes only, and should not be considered as an advice, recommendation or suggestion by the publisher.