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US GDP Beats Expectations | Loonie Retreats

Published July 26, 2019

  • The US economy rose at a 2.1 percent annual rate in the second quarter against the expectation of 1.8 percent, the Commerce Department said on Friday. The increase was largely driven by a surge in consumer activity. The US Dollar Index was trading higher this morning, at 97.95 levels following the announcement.
  • The Canadian dollar pulled back on Friday and reached its lowest level for July at 1.3193. This weakness was mainly driven by the broad US dollar strength following today’s upbeat US GDP and subdued WTI crude oil prices.
  • Britain, France, Germany, Russia, and China will join Iran in Vienna on Sunday in an attempt to salvage the 2015 deal to curtail Iran’s nuclear program in exchange for lifting sanctions, according to the European Union’s foreign policy service.
  • Turkish President Recep Tayyip Erdogan said that Turkey needs to continue cutting rates gradually. Erdogan also acknowledged that the ongoing interest rate is very high for the country and inflation will come down when interest rate is lower.

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