Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
All eyes on USD
US unemployment claims and GDP will be released on August 27 at 15:30 MT time!
Instruments to trade: EUR/USD; USD/JPY; GBP/USD; USD/CAD
The combination of two US significant releases at one time will make the market really volatile! Unemployment claims reveal the amount of people, who filed for jobless benefits during the previous week. The gross domestic product shows an annualized change in the value of all goods and services produced by the economy. This report is delivered every quarter, but in the annualized format: the quarterly change is multiplied by 4. There are 3 types of GDP: advance, preliminary, and final. The advance one is the earliest and thus tends to have the biggest impact. However, this week is not so eventful, that’s why traders will pay closer attention to this report. Notably, the advanced GDP contracted by 32.9% and marked the largest decline ever. Indeed, the coronavirus ruined many business and factories. The recovery will depend on the government’s ability to contain the virus spread.
- The US dollar will surge, if the data comes better than expected.
- Otherwise – drop.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Jump in to know the latest market news and trade ideas for today!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.