USD/CAD surges beyond the 1.3220 mark, Canadian GDP, US PCE eyed – by lilyfinancial USDCAD Majors Macroeconomics
US economic data on Thursday. Market participants will keep an eye on the Canadian Gross Domestic Product and the US Core Personal Consumption Expenditure data for fresh impetus later in the North American session.
The data released on Thursday showed the US real Gross Domestic Product expanded at a 2.4% annualized rate, above the market consensus of 1.8% by a wide margin and following the 2% growth reported in the first quarter. Additionally, the GDP Price Index in the second quarter decreased to 2.6% from 4.1% in the first quarter, and the Core Personal Consumption Expenditures decreased to 3.8% from 4.8% in the same period. The annual figure is expected to drop from 4.6% to 4.2%.
Earlier this week, the Conference Board's Consumer Confidence Index rose to 117 in July from 110.1 in June. On the same line, the House Price Index for May YoY came in at 2.8%, above expectations of 2.6% but below the prior month's data. On the other hand, market players anticipated that the Bank of Canada would likely not see the need to raise rates further this year. According to a survey of market participants released by the central bank on Monday, a median of the participants anticipate the bank to maintain interest rates at a 22-year high of 5.00% until the end of 2023 before cutting the rates in March.and gas sectors offset a slowdown in the manufacturing sector.
Later in the day, attention will turn to the Canadian Gross Domestic Product data. The figure is expected to rise by 0.3% from the previous reading of 0%. The US Core Personal Consumption Expenditure index, the Fed's preferred inflation gauge, will be released from the US docket. The inflation figure is expected to drop from 4.6% to 4.2% annually.
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