- On Friday we saw the Canadian Dollar spiral down towards a three-month low against the majority of currencies. This was due to Canada’s job market only gaining 200,000 jobs for the whole of July – 20,000 behind the forecasted amount. Slow job growth in Canada is the reason why we have seen the loonie weaken in particular against the US Dollar. Markets were expecting for a good report following better news during the week on high growth for businesses in several months. With this being the main piece of data for at least the next week, the loonie is in for a difficult period.
- This week we will see important growth data from Japan. This will be a key indicator of how the country is reacting to the recent additional sale tax which is expected to have reversed the recent growth phase.
- China continues to be key for the commodity backed currencies. A raft of data is released on Wednesday including retail sales, industrial production and investment figures for July which are expected to affirm Chinas string start to the third quarter.
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