The US dollar was seen maintaining its gains across the board although price action was subdued against the euro. The Kiwi dollar was seen extending losses after the new government reported that it will review and propose reforms for overhauling the RBNZ’s mandate.
Earlier today, the inflation report from Australia showed that consumer prices rose 0.6% on the quarter ending July. This was weaker than the estimates of 0.8% but higher than the previous quarter’s 0.2% increase. The trimmed mean CPI was weaker, rising just 0.4%.
Looking ahead, the UK’s preliminary GDP data will be coming out today. Economists are forecasting a 0.3% increase in GDP on the quarter, which will put the economic expansion at the same pace as in the second quarter. Later in the day, the Bank of Canada will be holding its monetary policy meeting. No changes are expected as the central bank is expected to keep interest rates unchanged after raising rates in the previous two months.
