Previous Trading Days Events 28.03.2024

According to the report yesterday Canadas gross domestic product strongly rebounded in January exceeding expectations and Februarys preliminary estimates point to another expansion, tempering pressure on the Bank of Canada BoC for an early rate cut.

The economy grew by 0.6 in January, its fastest growth rate in a year. Februarys GDP is also likely to have grown by 0.4.

The central bank has maintained its key policy rate at a 22year high of 5 since July, but BoCs Governing Council in March agreed that conditions for rate cuts should materialise this year if the economy evolves in line with its projections.

Canadas economy has evaded recession in the face of high interest rates which the BoC has maintained at a 22year high of 5 for the last eight months in efforts to rein in inflation.

Source httpswww.reuters.commarketscanadasgdpoutperformsjangrowthforecastlikelygrew04feb20240328

Winners vs Losers

XAUUSD is leading with 2.94 gains this week and 9.19 for the month. Silver follows with 0.92 gains this week but remains the top performer for this month with near 10 gains.

News Reports Monitor Previous Trading Day 29 Mar 2024

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Midnight Night Session Asian

Monthly retail sales figures for Australia show 0.30 growth which is less than expected. No major impact was recorded in the market.

Morning Day Session European and N. American Session

In Canada, Real Gross Domestic Product…