GDP IMPORTANT BUT NEXT WEEK SEES FED, ECB & JOBS
– USD is mixed leading into the release of US Q1 GDP, cons: 3.0% q/q.
– CAD is flat with no domestic data expected. Reaction to US GDP usually fades by the close. Oil spreads helping to support CAD.
– EUR is flat but holding in well in the face of an ECB cut & the Bundesbank’s concerns over the constitutional legality of the OMT program.
– GBP is flat after a quiet session, with little news flows.
– CHF is flat after Gov Jordan suggest that banning gold sales is limiting.
– JPY rallies ‐ BoJ leaves policy unchanged but raises econ forecasts.
– CNY hits yet another record high.
– Conference call: outlook on USDCAD is now available ‐ see page 3.
Next week: Fed, ECB, Chinese PMI, nonfarms, Cdn GDP & JPY holidays.
Click here to read the full report: FX Daily
Scotiabank