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Canadian GDP for August was slightly below expectations at 0% month over month versus a forecast 0.1% gain, showing no growth for two months. Meanwhile the US dollar index rose to about 106.46 on stronger US employment cost and house price data.
Soft Canadian growth and a firmer US dollar push the loonie lower, a currency move that can affect Canadian export pricing for oilseeds and grains.
ofx.comTuesdayOct 31, 2023Not enough comparable past events yet for a historical read.
After 53 past bullish report events, US Dollar (Broad) moved a median +0.1% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
