Daily Economic Calendar – Canadian Trade Balance is Key

The market agenda begins with the interest rate decision from the RBA which remained unchanged at 1.5% as the GDP continues to drop and other factors dominating the rest of the world like the Brexit vote, also contributing to the final decision. During the Euro session we have the factory orders from Germany which is expected to come in at 0.6% MoM as Germany deals with fall in the demand both domestically and internationally and a failure in this data is likely to put additional pressure on the Euro as the major economies in the Euro region flounder.

We also have the Q3 GDP rate from the Eurozone which is expected at 1.6% YoY and considering that the euro came as low as 1.0505 yesterday, the buyers would be hoping for good data to aid in the subsequent bounce that we have been seeing.

The trade balance from Canada completes the news set for today and there is a bit of anxiety in Canada as the new President-elect Trump has voiced that he would like to re-negotiate the NAFTA agreement with Canada and though the Canadian PM has agreed for the same, it remains to be seen what effect it will have on their trade relations with the US.