Tuesday 31st January – Canadian GDP & Manufacturing PMI
Tomorrow will see the release of Canadian GDP. Gross Domestic Product is released by statistics Canada and is a measure of the total value of all goods and services produced by Canada. GDP is a broad measure of Canadian economic health and activity and if there is a move against expectations expect volatility on GBP/CAD.
Thursday 2nd February – UK Data – PMI Construction, BOE Asset Purchase Facility, Interest Rate Decision and Carney’s Speech
First up on Thursday we have construction purchase managers index. Construction PMI shows business conditions in the UK construction sector. It is a barometer as to the health of the UK economy so keep you eye on the results.
Next up we have the inflation report which has heightened importance as many economists are predicting a rapid rise inflation due to the low price of Sterling and the increase in foreign goods which is beginning to hit consumers. This release definitely has the potential to move GBP/CAD.
following inflation, we have the Bank of England interest rate decision. I would very surprised to see any movement and it will most certainty be a non event. Keep an eye on how the monetary policy committee vote however as if there is a significant change we could see swings on the exchange.
Finally we have BOE governor, Mark Carney’s speech which is worth a listen, he could give an indication to monetary policy moving forward, trades will be quick to react.
Friday 3rd February – Canadian Ivey PMI Data
Canadian Ivy PMI data is a measure of business conditions of the overall economic condition in Canada. This has been known to cause fluctuations on GBP/CAD, although on this occasion I wouldn’t expect any panic purchasing from traders.
I think the key market mover for GBP/CAD this week will be Brexit news as apposed tot he normal data releases. If there is any news that will add more certainty to the exit process I would expect Sterling to rally. So keep your eyes on the papers this week.
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Daniel Johnson – Foreign Currency Direct