Widely A Nonstarter, Both CAD And AUD Data Gain

In similar fashion to most economic data slated for the day, positive Canadian and Australian figures were widely pushed aside for a dollar dominated day. Uplifting for the Canadian dollar was a better than expected growth figure for the second quarter as GDP rose 3.4 percent.

Although lower than the previous quarter?s assessment, the release was far better than the 2.8 percent expected by the market. Separately, in Australia, retail sales figures remained positive for the month. In July, consumer receipts advanced by 0.9 percent, above the consensus figure of 0.6 percent. The positive data was coupled with a narrower than expected trade balance for the month, which would have otherwise supported a skyrocketing AUD. However, given the risk averse environment, both currencies weren?t able to garner much on the day.

Written by Richard Lee, Currency Strategist of DailyFX.com