THE KEY ECONOMIC EVENTS FOR THIS WEEK JUNE 24-29.
1. Wednesday – NZD Interest Rate @3:00am
2. Thursday - US GDP (q/q) @1:30pm
3. Friday- GBP GDP (q/q) @9:30am
4. Friday - CAD GDP M/M @1:30pm
NEW ZEALAND INTEREST RATE- The Reserve Bank of New Zealand will release its interest rate on Wednesday. The market expects the RBNZ to leave rate unchanged at 1.50%. This is necessary to support the outlook for employment growth. Should the rate remain unchanged could be positive for NZD. However, the market will turn its attention to the accompanying statement. A hawkish statement will strengthen the Kiwi while a dovish statement will weaken the Kiwi.
US GROSS DOMESTIC PRODUCT - The United state will release its gross domestic product for first quarter of quarter on Thursday. The gross domestic product is expected to show a 3.2% growth which is higher than the 2.2% in the prior month. A better than expected outcome will strengthen the USD while a weaker than expected will be negative for USD.
UNITED KINGDOM GDP - The United kingdom GDP is scheduled to be released on Friday. Britain adjusted to make public GDP data on a monthly basis last year. The new system enables a preliminary look at the economy’s performance in the second quarter of 2019. Its GDP is expected to have increased by 0.5% in the first quarter. A better than expected figure will strengthen GBP while a worse than expected will weaken GBP.
CANADA GROSS DOMESTIC PRODUCT - Canada will release its gross domestic figure for month of month on Friday. The gross domestic figure is projected to increase by 0.1% which is a lower than the 0.5% in the prior month. A better than projected estimate would be positive for the CAD while a worse than projected estimate would be negative for Loonie.