Elsewhere, the Bank of Japan released a confident yet largely unchanged statement yesterday as Governor Haruhiko Kuroda indicated that Japan’s monetary policy would continue on its path in order to target a 2% rate of inflation. The result of the statement was largely expected, but served to strengthen the Japanese yen against a number of its major trading partners.
Overnight, we saw the release of better than expected data from China, with second quarter figures showing that the World’s Second largest economy grew by 7.5%, whilst monthly Industrial Production also increased by 9.2%.
Later today, sharp movements may be seen in Canadian Dollar rates as we first see manufacturing sales figures released, followed by the Bank of Canada Monetary Policy Report and Rate statement later in the afternoon.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.