Australia’s GDP Stalls, BoC Holds Steady, US Job Data in Focus
- Australia Q2 GDP Growth: The economy expanded by 0.2%, unchanged from Q1 but below the forecast of 0.3%. This shows continued sluggish growth due to weak domestic demand and external pressures.
- Canada’s Trade Balance: Data not yet released as of this report but is expected to show a surplus around C$0.64 billion, down from June’s C$0.85 billion.
- BoC Interest Rate Decision: The Bank of Canada is expected to hold its rate at 4.5%, with markets pricing in no rate hike due to a slowing economy and easing inflation.
The US JOLTs Job Openings report will be key, with the market expecting 8.09 million openings, giving insights into the labor market health ahead of Friday’s NFP.
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EUR/USD: Trading at 1.10490, unchanged for the day, but down 0.68% on the week. Market participants are cautious ahead of US labor data, with limited volatility expected before the data release.
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GBP/USD: At 1.31083, down 0.03% today, the pound faces pressure amid a risk-off sentiment driven by weak UK economic indicators and anticipation of US data.
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USD/JPY: At 145.280, the yen gained slightly on the day, with the USD/JPY pair down 0.06%, reacting to increased uncertainty and the BoJ’s slightly hawkish rhetoric.
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AUD/USD: Currently at 0.67029, down 0.15% for the day, after disappointing GDP data reinforced concerns about the Australian economy’s growth outlook.
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NZD/USD: Trading at 0.61766, down 0.15%, the kiwi is similarly pressured by risk aversion and weak commodity prices.
Commodities
- Crude Oil (WTI): Trading at $70.07 per barrel, down 0.21% as global supply increases and demand forecasts from China weaken(FXDailyReport.Com). Brent crude is similarly down, trading at $73.53, marking a 0.19% decrease(FXDailyReport.Com).
- Gold: Gold prices are hovering around $2,490.23, down 0.12% as traders balance between safe-haven demand and rising yields(FOREX24.PRO).