Prior month -0.1% Advanced estimate for the month of July +0.1%GDP Q2:Q/Q annualized -1.6% vs -0.6%Prior 2.2% (revised to -2.0%)The Canadian dollar weakened across the board following the release as the data disappointed across the board. StatCan notes that the contraction in the second quarter was driven by significant declines in the export of goods, as well as decreased business investment in machinery and equipment. These declines were tempered by faster accumulations of business inventories, higher household spending and lower imports of goods.Traders increased slightly the rate cut bets for the BoC which now show 27 bps of easing by year-end compared to 24 bps before the release. This article was written by Giuseppe Dellamotta at investinglive.com.

Prior 2.8%Core PCE M/M 0.3% vs 0.3% expectedPrior 0.3%Headline PCE: PCE Y/Y 2.6% vs 2.6% expectedPrior 2.6%PCE M/M 0.2% vs 0.2% expectedPrior 0.3%Income/Spending:Personal income M/M 0.4% vs 0.4% expectedPrior 0.3%Personal spending M/M 0.5% vs 0.5% expected0.3% prior (revised to 0.4%)Minimal reaction in the markets, which shouldn't be surprising given that the data came in line with expectations across the board. The market pricing remained unchanged as the focus remains on the US labour market data coming up next week. This article was written by Giuseppe Dellamotta at investinglive.com.

We have a pretty tranquil session ahead in terms of data releases. The main highlights are the US PCE report for July and the Canadian GDP.The Core PCE is expected at 2.9% Y/Y and 0.3% M/M. Unless we get notable deviations, I don't expect the market to react to it too much given that the PCE can be accurately forecasted from the US CPI and PPI reports. Fed Chair Powell in his speech did mention that they expect Core PCE to come at 2.9% Y/Y. The focus will remain on the labour market data due next week when we get the ISM PMIs, the ADP and the NFP report. The Canadian GDP for June is expected at +0.1% vs -0.1% prior and the Q2 annualised figure at -0.6% vs 2.2% prior. I don't think it will change much for the BoC as the more timely data has been improving and the underlying inflation rate continues to hover around 3%. In terms of market pricing, we have 54 bps of easing priced in for the Fed (2 rate cuts) and 24 bps for the BoC (1 rate cut). By the end of 2026, we have 132 bps for the Fed and 33 bps for the BoC. In my opinion, there are too many rate cuts priced in for the Fed but the data in the next months will have the last word. We have also the final University of Michigan Consumer Sentiment report later in the session, but it's unlikely to matter much unless we get some big revisions for inflation expectations figures. This article was written by Giuseppe Dellamotta at investinglive.com.

Prior +2.0%HICP +2.1% vs +2.0% y/y expectedPrior +1.8%The state readings, which were firmer than estimated, from earlier can be found here. Core annual inflation remains unchanged for a third straight month at 2.7%. That is still on the higher side as it holds above the ECB's 2% target, so more work needs to be done in getting that lower. That especially with German consumers continuing to feel the pinch. This article was written by Justin Low at investinglive.com.

Headlines:Month-end focus to keep currency traders on their toes to end the weekEquities nudge lower in European morning tradeInflation expectations for the year ahead seen unchanged in latest ECB pollBavaria August CPI +2.1% vs +1.9% y/y priorFrance August preliminary CPI +0.9% vs +1.0% y/y expectedSpain August preliminary CPI +2.7% vs +2.8% y/y expectedItaly August preliminary CPI +1.6% vs +1.7% y/y expectedGermany July retail sales -1.5% vs -0.4% m/m expectedGermany July import price index -0.4% vs -0.3% m/m expectedGermany August unemployment change -9k vs 10k expectedFrance Q2 final GDP +0.3% vs +0.3% q/q prelimItaly Q2 final GDP -0.1% vs -0.1% q/q prelimMarkets:USD leads, GBP lags on the dayEuropean equities lower; S&P 500 futures down 0.3%US 10-year yields up 1.8 bps to 4.225%Gold down 0.3% to $3,405.82WTI crude down 0.4% to $64.35Bitcoin down 1.6% to $110,106There wasn't too much action on the session as markets are looking to wrap up the month of August today. Month-end shenanigans might feature later but there's also the US PCE price index to be mindful of later in the day.Equities did ease a little though, with investors seemingly cautious ahead of the final trading day of the week/month. European indices are down slightly, adding to losses on the week. The DAX and CAC 40 have both turned negative on the month in trading this week but it has still been a great month for the likes of the IBEX and FTSE MIB.US futures are keeping lower after holding more tentative in Asia, erasing much of the gains from yesterday. But it might be a different ball game when Wall Street enters the fray later.As for FX, it was quiet but the dollar is keeping firmer overall after some slight losses in the sessions before. EUR/USD is down 0.2% to 1.1660 with USD/JPY up 0.2% to 147.20 currently. GBP/USD is the most notable mover, down 0.4% to 1.3455 but besides that, other dollar pairs are more flattish on the day.We had inflation numbers from Germany, France, Spain, and Italy all together today but all of it mainly just served to reaffirm the prevailing ECB outlook. So, no big surprises really.I wish you all a good Friday and wonderful weekend ahead. This article was written by Justin Low at investinglive.com.

Nomura highlights that concerns are starting to grow on the Fed's independence and if that continues, would represent a structural bearish factor against the dollar. As things stand, the greenback is already facing headwinds from the Fed poised to ease monetary policy, softer US growth momentum, and policy divergences with the likes of Europe and Japan.As such, Nomura argues that the shift in dynamics at the central bank would compound the bearish elements for the dollar. If Cook is removed from her post and Miran replaces Kugler, Trump would eventually make 5 appointments of the 7 Fed governors should Powell also leave in May next year.That will see heavy political influence exert its presence on the central bank with the Fed's independence at stake. Nomura says that it could translate to higher long-end yields, weaker equities, and a weaker dollar as credibility on dealing with inflation is dealt a blow. As a reminder, that is one of the Fed's dual mandates.The firm notes that this continued development will see markets price in a greater risk premium against the dollar, adding to the broader downtrend that is already underway for the currency. This article was written by Justin Low at investinglive.com.

Stocks are starting to run into trouble on the day now. S&P 500 futures are down 0.4% with tech shares leading the declines as Nasdaq futures are down 0.6%. In Europe, the more sluggish week is also starting to turn bad with both the DAX and CAC 40 indices down 0.6% currently.There's no fresh catalysts for the move we're seeing but just be wary that month-end rebalancing flows might be a factor in the equation. For Wall Street, the S&P 500 closed at fresh record highs yesterday and is up 2.6% on the month. Meanwhile, the Nasdaq is up 2.8% on the month coming into today. In Europe, the shut out today sees the DAX join the CAC 40 in turning negative on the month this week but it's still a solid month for Spain and Italy's benchmark indices. This article was written by Justin Low at investinglive.com.

Prior +1.7%HICP +1.7% vs +1.8% y/y expectedPrior +1.7%Slight delay in the release by the source. Core annual inflation is seen accelerating a little to 2.1%, up from 2.0% in July. So, that will just play into the narrative of the ECB wanting to keep in pause mode for now. This article was written by Justin Low at investinglive.com.

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The table below highlights the inflation expectations, with the year-ahead response being unchanged at 2.6%:Overall, that's still much higher than the ECB target of 2%. So, there's definitely caution to be had as the fall in inflation expectations begin to hit a bit of a floor for now.In terms of the qualitative response, 84.8% of respondents see prices going up in the next 12 months. That's the highest share of respondents since April.The full results can be found here. This article was written by Justin Low at investinglive.com.

Slight delay in the release by the source. The rest of the other German state readings released around the same time:North Rhine Westphalia CPI +2.0% vs +1.8% y/y priorSaxony CPI +2.2% vs +1.9% y/y priorBaden Wuerttemberg CPI +2.5% vs +2.3% y/y priorThe readings are firmer across the board, as price pressures are seen moving up in August. Given the estimates above, the national release later should see headline annual inflation clock in around 2.2% as opposed to the 2.1% estimate. This article was written by Justin Low at investinglive.com.

Prior +0.3%The release comes a little earlier than scheduled but the reading just reaffirms a mild contraction in Italy's economy in Q2. This article was written by Justin Low at investinglive.com.

Prior 2kUnemployment rate 6.3% vs 6.3% expectedPrior 6.3%German unemployment falls unexpectedly in August with the jobless rate continuing to hold steady at 6.3%. The labour office noted that "the jobs market is still marked by the economic downturn of recent years but there are also first signs of stabilisation". This article was written by Justin Low at investinglive.com.

For some context, Wicker is one of the more vocal advocates for Taiwan in Congress and said that his visit is to reinforce the "great partnership" between the two camps. As he arrives in Taipei, he adds that "we are here to get a better understanding of the needs and concerns of our friends in Taiwan". That as Taiwan president, Lai Ching-te, reaffirms that he hopes to increase security cooperation with the US.All of this comes as China continues to step up military pressures on Taiwan, with Beijing set to hold a mass military parade to mark the 80th anniversary of the end of WWII. The event will feature Russian president Vladimir Putin as well as North Korean leader Kim Jong Un, so it will be quite the occasion. This article was written by Justin Low at investinglive.com.

Eurostoxx -0.1%Germany DAX flatFrance CAC 40 -0.1%UK FTSE -0.1%Spain IBEX -0.2%Italy FTSE MIB flatIt's been a sluggish affair for European stocks this week but on the month of August, it's been a positive one. The exception being the France's CAC 40 index after the big drag earlier in the week owing to domestic political woes. US futures are also more tepid today, with S&P 500 futures currently down 0.1% with month-end trading in focus for the day ahead. This article was written by Justin Low at investinglive.com.

Prior +2.7%HICP +2.7% vs +2.7% y/y expectedPrior +2.7%The headline readings are the same as they were in July but core annual inflation is seen creeping a little higher to 2.4%, up from 2.3% in the month before. So, that is something to keep an eye out for at least. Anyway, this just serves to reaffirm the ECB rate outlook for the time being. This article was written by Justin Low at investinglive.com.

Prior +1.0%HICP +0.8% vs +0.9% y/y expectedPrior +0.9%The monthly headline figure does show that consumer prices are seen up another 0.4%, up for three straight months now. But the headline annual estimate is seen moderating a little with services inflation in particular easing to 2.1% from 2.5% in July. This article was written by Justin Low at investinglive.com.

Prior +0.1%No changes to the initial estimate with the breakdown showing contributions from consumption (+0.10%) and inventory changes (+0.52%), offset by net foreign trade (-0.27%). This article was written by Justin Low at investinglive.com.

The start of the week saw the focus stay on the post-Jackson Hole reaction but there wasn't much follow through in the end. The dollar fell after Fed chair Powell's dovish tilt at the end of last week but recovered in the opening stages this week. That came as markets push the limits of Fed pricing, in moving to expect two rate cuts by year-end.That before some dollar selling came by again in the past few sessions, resetting dollar sentiment for the most part. The focus is on month-end now before we switch over to waiting for US labour market data in the week ahead. But so far today, there isn't much action with major currencies holding relatively muted.The changes are light around 0.1% or at most 15 pips for dollar pairs currently, highlighting the lack of appetite to start the session. There should be extension of the ranges in the hours ahead but all eyes will be on price action in the run up to the London fix for any volatility kick.Otherwise, the final trading day this week might end up being a bit of a dud as traders and investors wait on the non-farm payrolls release to reaffirm Fed rate cut expectations.The changes for dollar pairs on the week highlight the push and pull and lack of conviction for the most part. That is besides some minor extended action in commodity currencies. Here is how dollar pairs are faring so far this week:EUR/USD: -0.4%USD/JPY: +0.1%GBP/USD: -0.1%USD/CHF: +0.1%USD/CAD: -0.5%AUD/USD: +0.7%NZD/USD: +0.5% This article was written by Justin Low at investinglive.com.

German DAX futures -0.1%French CAC 40 futures -0.1%UK FTSE futures flatOverall, it's a poor week for European equities as investors take a bit of a breather in wrapping up August trade. On the month though, it's been another positive one except for France - which is dragged down by domestic political concerns. US futures are also holding more tentative after the slight gains yesterday, with S&P 500 futures down 0.1% currently. This article was written by Justin Low at investinglive.com.