THE KEY ECONOMIC EVENTS THIS WEEK AUGUST 26-30.
1. Thursday - US GDP Q/Q 2nd Estimate @1:30pm
2. Friday - CAD GDP M/M @1:30pm
US GROSS DOMESTIC PRODUCT - The United state will release its 2nd estimate data for gross domestic product quarter of quarter on Thursday. The gross domestic product is expected to show a 2.1% growth which is lower than the 3.1% in the prior month. A better than expected outcome will strengthen the USD while a weaker than expected will be negative for USD.
CANADA GROSS DOMESTIC PRODUCT - Canada will release its gross domestic figure for month of month on Friday. Canada’s economy has been dawdling and dropped to 0.2% in May. If GDP continues to struggle, the BOC may have to consider a rate cut to stimulate economic activity. The gross domestic figure is projected to increase by 0.1% for the month of June, which is a bit lower than the 0.2% 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 CAD.