Will this week’s data support the Australian dollar?

• The Canadian dollar lost out at the end of last week, dropping against all of its 16 most-traded peers in anticipation of Wednesday’s growth figures. The central bank policy-makers cut the nation’s growth forecast on the 16th of July, and suggested that the economy may not reach its full output potential until mid-2016. As a result, traders feared on at the end of last week that Wednesday’s figures will show Canada falling behind the US – Canada’s biggest trade partner
• The Russian rouble declined on Friday, despite an unexpected decision from the central bank to raise interest rates from 7.5 to 8%. Russia continues to feel the squeeze as the conflict in Ukraine intensifies and the threat of further economic sanctions looms
• The Swedish krona gained as Friday’s retails sales came in 0.1% above forecast

Looking forward, it’s going to be a big week for the Australian dollar with retail sales, employment and trade balance figures. There is also an interest rate decision and monetary policy statement. Employment, trade balance, and economic health data out of Canada will also be important.

Contact your trader now to find out more about how these currencies and others are faring.