News | Forex Optimum



Canada’s economy grows 4.5 percent in May

Statistics Canada announced on Friday that the country’s gross domestic product (GDP) grew 4.5 percent m-o-m in May, following no 11.7 percent m-o-m decline in April. 

This was above economists’ forecast for a 3.5 percent m-o-m growth and was the largest monthly increase since the series began in 1961.

According to the report, both goods-producing (+8.0 percent m-o-m) and services-producing industries (+3.4 percent m-o-m) rebounded in May, with 17 of 20 industrial sectors recording gains in output. Construction surged 17.6 percent m-o-m in May, while retail trade grew 16.4 percent m-o-m (the largest monthly increase on record), the manufacturing sector rose 7.4 percent m-o-m, wholesale trade increased 6.0 percent m-o-m, the health and social services went up 3.3 percent m-o-m and the transportation and warehousing sector advanced 1.7 percent m-o-m.

You may also be interested:

22:30 07.08.2020
Key events for next week: China and the United States consumer price index, UK and Australia unemployment rate, RBNZ's interest rate decision, UK and Eurozone GDP, U.S. retail sales
On Monday, at 01:30 GMT, China will publish the consumer price index and producer price index for July. At 05:45 GMT, Switzerland will announce the change in the unemployment rate for July. At 08:30 GMT, the Euro zone will release the Sentix investor confidence indicator for August. At 14:00 GMT, the United States will publish JOLTs Job Openings for June.On Tuesday, at 01:30 GMT, Australia will release the NAB business confidence index for July. At 05:00 GMT, Japan will present an Eco Watchers
18:00 07.08.2020
BoE: QE still favoured vs. negative interest rates - UOB
FXStreet reports that economist at UOB Group Lee Sue Ann assessed Thursday’s BoE event.“As expected, the Bank of England (BOE) held its benchmark interest rate steady at the recordlow of 0.1%, with the central bank having cut rates twice from 0.75% since the beginning of the COVID-19 pandemic. The BOE also left its target for buying government and corporate bonds unchanged at GBP745bn, after having announced an additional GBP100bn expansion in June.”“Of more interest was the set of economic
17:47 07.08.2020
NFP: Better data print leaves USD bid as tenuous, USD/JPY to retest 104.20 - TDS
FXStreet notes that Nonfarm Payrolls were +1.8 million in July, above the +1.5 million consensus while Unemployment fell to 10.2% from 11.1%. In short, not as strong as in May and June, but stronger than expected nonetheless. Economists at TD Securities think that USD shorts were covered ahead of this report and a better data print now leaves the USD bid as tenuous. They see attractive risk/reward to lean short USD/JPY.“Payrolls were +1.8mn in July, above the +1.5mn consensus; we had forecast +0
Bonuses VIP