FXStreet (Mumbai) – Analysts at RBS noted the key macro events to be reported in the next 24 hours which may have major impacts across the FX board.
Key Quotes:
“US productivity and unit labour cost (ULC) growth for the second quarter are both likely to be meaningfully impacted by the upward revisions to 1Q GDP growth and the stronger pace of GDP growth in the second quarter.”
“Our economists expect both a downward revision to 1Q ULC, related in part to upward revisions to 1Q GDP growth, and a modest decline in overall 2Q ULC after a surge in the first quarter.”
“While unit labour cost growth may decline following a large rise in 1Q, productivity may show the opposite – rebounding after falling in the first quarter. Our economists detail the impact of broader benchmark revisions on productivity and ULC trends in their data previews.”
“July housing starts are the first of several housing indicators released this week in Canada. After harsh winter weather weighed on homebuilding activity over the winter, housing starts in Canada rebounded through the spring and the 203K pace of housing starts in June matches the quickest pace of housing starts since late 2012.“
“The pickup may cause discomfort for the Bank of Canada, as most of the rebound in homebuilder activity has been in the multi-family sector, which is among the Bank’s closely monitored risks to financial stability.”
(Market News Provided by FXstreet)