Financial Market News
- FOMC Minutes to be Released on Wednesday
The Federal Open Market Committee (FOMC) will release the minutes of its July meeting on Wednesday. The minutes will provide insights into the policymakers’ views on the economy and monetary policy. Investors will be looking for clues about the FOMC’s plans for future interest rate hikes.
- Canada Inflation Data Expected to Fall Slightly
On Tuesday, Canada will be releasing its inflation data for the month of July. Economists expect inflation to fall slightly from 8.1% in June to 7.9% in July. However, inflation is still expected to be well above the Bank of Canada’s target of 2%.
USDCAD chart is technically working within a channel, a double top rejection in and around 1.35 could provide a nice short setup. This setup could, however, be accelerated with this week’s data releases.
- USD Retail Sales To Increase
On Tuesday, the US will release retail sales data for July. Economists expect retail sales to increase by 0.8% in July, following a 1.0% increase in June. The increase in retail sales is expected to be driven by strong spending on autos and building materials.
- US Unemployment Claims to be Released on Thursday
The US will be releasing the unemployment claims data for the week ending August 12. Economists forecast unemployment claims to remain unchanged at 235,000. A decline in unemployment claims would be a sign of strength in the labour market.
Overall, this week is quiet on news, with the major headline being the FOMC minutes on Wednesday. Investors will be looking for clues about the FOMC’s [;ans for future interest rate hikes. The inflation data from Canada and the US retail sales data could also be source of some volatility in the markets.
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