Last week the Chinese yuan fell against both sterling and the US dollar, partially due to poor inflation data midweek, so they will be hoping for better results this week. Today China has already released growth data in the form of Gross Domestic Product figures, as well as industrial production figures. Both were better than expected but below target.
Canada, on the other hand, will enjoy a busy second half of the week. Kicking off on Wednesday we see the release of the central bank’s Monetary Policy Report and Overnight Rate. The latter is expected to remain at 0.5%, as it has done since June. Later in the week we will also see core retail and inflation statistics. Having outperformed the US dollar this week, the Canadian economy will be hopeful that more positive statistics can help to strengthen its currency further.
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