How Will Month/Quarter End Affect The Dollar?

The Australian dollar was hit by the government’s decision to end the JobKeeper program that provided wage subsidies for nearly a million workers. While many economists argue there’s better ways to provide stimulus, investors fear that it will be a big sting for the economy and slow growth significantly. The Australian dollar should weaken further especially if tonight’s Chinese PMIs surprise to the downside. Lower oil prices drove USD/CAD to its strongest level in nearly 3 weeks. GDP numbers are due for release tomorrow and with a pickup in retail sales and trade, the data should surprise to the upside.

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