Yesterday was a tough one for commodity currencies against the greenback. The AUD, NZD and CAD, whose economies all depend heavily on raw material exports, lost 1.44%, 1.51% and 0.61% respectively on the day, wiping out the losses suffered by the greenback on Monday. The three currencies have now levelled off for the moment.
EU GDP
Earlier this morning, euro zone first quarter GDP data were released, meeting expectations at -0.2%. This is now the sixth consecutive quarter with negative growth. ECB President Mario Draghi will no doubt share his comments on this very subject this morning in the press conference that follows the central bank's key rate decision.
South of the border, ISM Non-Manufacturing Index figures and ADP Employment Change figures will be released at 8:30 this morning. If these figures come in below expectations, the situation we saw on Monday will return once again, with speculation on when quantitative easing measures will be removed and a weak greenback against its main rivals. Back in Canada, Building Permits will also be announced at 8:30.
EU GDP
Earlier this morning, euro zone first quarter GDP data were released, meeting expectations at -0.2%. This is now the sixth consecutive quarter with negative growth. ECB President Mario Draghi will no doubt share his comments on this very subject this morning in the press conference that follows the central bank's key rate decision.
South of the border, ISM Non-Manufacturing Index figures and ADP Employment Change figures will be released at 8:30 this morning. If these figures come in below expectations, the situation we saw on Monday will return once again, with speculation on when quantitative easing measures will be removed and a weak greenback against its main rivals. Back in Canada, Building Permits will also be announced at 8:30.
- Range of the day: 1.0290 - 1.0385