Canadian dollar markets may post particularly strong reactions to upcoming Gross Domestic Product data, as all asset classes stand near key technical levels ahead of the release.

Economic expansion in the US is expected to have re-accelerated in the second quarter at an annualized rate of 3.2 percent – a substantial jump from the tepid 0.7 percent growth experienced in the first quarter.

Over the past month, the euro rose to a record high against the dollar while the Japanese yen slumped to a four year low. The moves in both of these currencies have captured the world’s attention.

Durable goods orders in the US are anticipated to stage a strong recovery in June after plunging the month prior.

The Reserve Bank of New Zealand surprised economists when they lifted interest rates 25 basis points to a new high of 8.00 percent in June.

Australian consumer price growth in the second quarter is expected to have accelerated 1.0 percent from the previous quarter, as drought conditions led food prices higher and lofty oil prices kept energy costs elevated.

Retail sales growth in Canada is anticipated to rebound during the month of May, with the headline reading estimated to rise 0.5 percent after improving 0.4 percent during the month prior. Meanwhile, retail sales excluding automobiles are forecasted to jump 0.6 percent following an unchanged reading the month prior.

Economic expansion in the UK during the second quarter is anticipated to maintain its robust pace of 0.7 percent from the quarter prior and 2.9 percent from the previous year.