Data Releases For Week Ahead – Forex Impact?
There was a small market rally last week – looking ahead, investors will be keenly watching these upcoming data releases. They are expected to have an impact on the CAD, Euro and US dollar pairs.
Tuesday 25th July
German IFO Business Climate Index. (08:00 GMT)
The German business confidence index reflects the current sentiment among business leaders. Produced by the IFO economic institute, the index jumped to 115.1 in June. Expectations were of a slight decrease to 114.4, so the new high saw German indices receive a boost. This coming Tuesday, investors will be looking closely at the July figure. A higher than expected reading could push the EUR pairs higher, as the German economy drives the eurozone to such a large extent.
Wednesday 26th July
FED Interest Rate. (18:00 GMT)
The Federal Reserve increased its key interest rate by 0.25% to a 1.00%-1.25% range in June. The FED also announced that it would reduce its $4.5 trillion balance sheet later this year. Economists currently believe that the Fed will opt to leave interest rates at 1.25% on Wednesday. Hawkish comments by the Fed chair Janet Yellen however, could push the USD pairs higher. As ever, the speech will be analysed for any signs of what is to come.
Friday 28th July
Canada GDP (Quarter 2). (15:00 GMT)
Friday presents an opportunity to trade the Canadian dollar. Statistics in Canada revealed that gross domestic product expanded by 0.2%, in line with forecasts on June 30. Expectations for further growth will dictate how the markets absorb the latest round of figures on Friday. CAD pairs could have additional volatility after the news. Boundary and range trades may be an exciting option.
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