Daily Update - 7th March 2018
On Tuesday, the AUD showed some positive reaction towards the neutral decision of the Reserve Bank of Australia on leaving the interest rate unchanged at 1.50%. The Aussie stabilized near the lower limit of the midterm channel and is currently growing, though not so actively so far. New orders for U.S.-made goods recorded their biggest decline in six months in January and business spending on equipment appeared to be slowing after stronger growth in 2017. Factory goods orders fell 1.4 percent amid a broad decrease in demand, the Commerce Department said on Tuesday. That was the largest drop since July 2017 and followed five straight monthly increases. Factory order rose 1.8 percent in December. Traders were looking for a drop of -0.4%. It’s an important day for Canada and Europe. The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Then the focus shifts to US with few mid-tier reports related to US labor market. Positive figures from these reports will provide support to Friday’s all important Non-Farm payrolls. From Canada we will see the interest rate decision and Rate statement. This statement is the primary medium used by the BOC to communicate with investors about monetary policy decisions, specifically those regarding interest rates. In January, the Bank of Canada raised its interest rate by 25 basis points to 1.25 percent as analysts expected. Policymakers attributed to the strong data in the recent times. In addition, they said that the inflation is near the target and that the economy is strong.Yesterday’s Focus
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