For the week of July 30 – August 3.
Annualized quarter-over-quarter GDP growth in the United States rose to 4.1 percent, marking the largest growth rate since 2014. Although slightly shy of the expected growth of 4.2 percent, the rise was significant from the revised first-quarter GDP reading of 2.2 percent. The growth will more than likely be used by Trump administration to prove the success of recent policy changes. On the contrary, personal consumption jumped by 4.0 percent, exceeding expectations of a 3 percent jump.
Canada’s scheduled releases this week include industrial product price index, month-over-month and year-over-year GDP numbers, Markit Canada manufacturing PMI, and international merchandise trade. Scheduled releases in the United States this week include home sales, personal income and spending, ADP employment data, durable goods, and non-farm employment data. An FOMC rate decision is also scheduled for Wednesday, where markets see less than a 1.3 percent chance for a rate hike.
The Canadian dollar is trading up slightly against the US dollar this morning. Today’s expected range is 1.2995 – 1.3095.