Elsewhere, the biggest mover we saw last Friday was the Canadian dollar. It gained against all sixteen of its major trading partners following news that the nation’s inflation rate had picked up speed in April to hit the target set by the Canadian central bank for the first time in 2 years. The consumer price index also rose 2 per cent compared to last year, further boosting the Canadian dollar. China also had a positive day, with the Chinese premier stating that “the economy is generally stable and we see positive structural changes”. He then, however, warned that “downward pressures are still large”.
Today we have the Bank of Japan Governor speaking and with Business Confidence data out of New Zealand, which are sure to cause shifts in rates if anything unexpected occurs. Looking across this week, the main data release will be monthly Canadian growth data out on Friday, along with a manufacturing Purchasing Managers’ Index (PMI) release from China on Saturday.
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