img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgOnline Dealing Login

Euro Trading Near Monthly Lows | Canada GDP Headlines a Light North American Calendar

Published November 29, 2019
  • The euro fell below 1.100 against the US dollar this morning, despite Eurozone Inflation and German Unemployment numbers coming in better than expected.  When currencies fail to get a boost from positive data, this typically signals a much deeper underlying weakness in the currency.  Today’s euro reaction could simply be a result of poor liquidity and choppy pricing due to the US holiday, but only time will tell if this is indeed the case.
  • Canadian monthly GDP data is set to be released this morning, with consensus forecasts pointing to modest monthly growth of 0.1% and annualized growth of 1.2%.  The previous annualized growth rate was 3.7%, so the expectation is for a sharp deceleration in the Canadian economy.  Given that traders have largely priced this in, a surprise GDP reading in either direction could make for a big move in the Loonie that would be further exaggerated by thin market liquidity.