After yesterday’s disappointing U.S. results, Canadian fourth quarter GDP figures for 2012 (expected today) will be very significant for the CAD. The loonie is continuing to lose ground due to the recent gloomier outlook.
• Last-minute negotiations did not pan out this time and it seems that the U.S. will implement $85 billion in automatic budget cuts. The IMF deems that these cuts are sufficient to significantly affect economic growth, even outside the U.S.
Washington will be unable to pay a certain number of its civil servants and suppliers as of March 27.
• The Chinese HSBC Manufacturing PMI Index is down for the second month running, and for the 19th consecutive month for the eurozone.
• Investors are disheartened, and favour the USD via the purchase of government securities; the commodity index fell for a second month.
• In this negative context, disappointing GDP figures could really hammer the loonie. Also watch for U.S. ISM Manufacturing Index figures.
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NBC Daily Forex: CAD Up For A Hammering From Disappointing GDP Figures
Published 03/03/2013, 06:06 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex: CAD Up For A Hammering From Disappointing GDP Figures
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