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Forex News: Strong GDP Data Lifts Canadian Dollar

Strong GDP Data Lifts Canadian Dollar

08/30/2019 - 09:51:00 (RTTNews)

(RTTNews) - The Canadian dollar was higher against its major counterparts in the European session on Friday, as a data showed that Canadian economy expanded at a faster rate in the second quarter.

Data from Statistics Canada showed that real gross domestic product climbed by 0.9 percent in the second quarter, after edging up 0.1 percent in the previous quarter.

On an annualized basis, the GDP rose 3.7 percent in the second quarter, following a revised 0.5 percent rise in the previous quarter. Economists had forecast a 3.0 percent growth.

On a month-on-month basis, the gross domestic product rose 0.2 percent in June, the same rate as seen in May. Economists had expected a growth of 0.1 percent.

Optimism over the U.S.-China talks lifted investor sentiment.

"There is a talk scheduled for today at a different level," U.S. President Trump said in an interview with Fox News Radio on Thursday and more talks are scheduled ahead of a looming deadline for additional U.S. tariffs.

Beijing and Washington remain "in effective communication" about their continuing trade dispute, China's Ministry of Commerce said and added that China will prioritize discussions about removing latest tariffs unveiled by Trump last week.

The loonie was trading mixed against its major counterparts in the Asian session. While it fell against the greenback and the yen, it was steady against the euro. Versus the aussie, it rose.

The loonie advanced to a 3-day high of 1.3247 against the greenback, compared to Thursday's closing value of 1.3287. If the loonie rises further, 1.30 is likely seen as its next resistance level.

The loonie firmed to 1.4620 against the euro, its strongest since August 1. On the upside, 1.44 is likely seen as the next resistance level for the loonie.

Figures from Destatis showed that Germany's retail sales declined at the fastest pace seen so far this year in July.

Retail turnover decreased a faster-than-expected 2.2 percent month-on-month, reversing a 3 percent rise in June. Sales were forecast to drop 1.4 percent.

The loonie hit a session's high of 80.24 against the yen, following a decline to 79.86 at 2:15 am ET. The loonie is poised to face resistance around the 83.00 level.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts fell in July after rising in the previous month.

Housing starts decreased 4.1 percent year-on-year in July, after a 0.3 percent rise in June. Economists had forecast the housing starts to fall 5.4 percent.

The Canadian currency that ended yesterday's trading at 0.8938 against the aussie strengthened to a 4-day high of 0.8911. The currency may possibly challenge resistance around the 0.88 level.

Data from the Reserve Bank of Australia showed that Australia's private sector credit growth rose marginally in July.

Private sector credit grew 0.2 percent month-on-month in July, following a 0.1 percent increase in June and in line with economists' forecast.

Looking ahead, University of Michigan's final consumer sentiment index for August is due in the New York session.

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