The Canadian dollar is set to gain more than 2% against its United States counterpart in a year as an expected recovery in the global economy from the Covid-19 crisis improves the outlook for commodity prices, a poll showed.
The United States’ trade deficit in goods increased last month, with imports surging as businesses rebuild inventories which were depleted early in the coronavirus pandemic, suggesting trade could be drag on economic growth in the third quarter.
The number of Americans filing new claims for unemployment benefits fell previous week, but remained perched at extremely high levels as the labor market recovery shifts into low gear and consumer spending cools amid fading fiscal stimulus.
Risky currencies gained today, with the yuan strengthening to a sixteen month high after Chinese data pointed to an economic recovery and the Australian and New Zealand dollars climbing, while the U.S. dollar fell.
Economy of China is expected to recover steadily in the rest of the year, boosted by stimulus measures to reverse the damage from the Covid crisis, but weak global demand and rising the U.S.-China tensions are key risks, a Reuters poll showed on Friday.
Non-oil private sector of Dubai was steady in June, the first time it did not contract since February, a survey showed on today, after the emirate lifted many restrictions to stem the spread of the new Covid-19.
The downturn in euro zone manufacturing was not as bad as initially thought in june after more economies in the bloc eased restrictions imposed to quell the spread of the coronavirus, a survey showed.