The market calms down ahead of the Fed’s statement this evening.
American GDP and its impact on the USD
The USD has recently been ahead of other currencies. The main reason behind its strength was that the strength of the American economy in comparison with the economies of other advanced nations.
To continue its advance, the greenback needs more positive figures. That’s why traders will pay special attention to the key economic indicator called GDP. The second release this indicator for the months of April-June will take place at 15:30 MT time on August 29. The initial figures showed that the US economy had risen by 4.1%. That was a bit lower than the forecast number of 4.2%. Notice that this indicator often gets revised.
• If GDP growth is revised up, the USD will gain.
• If GDP growth is revised down, the USD will fall.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!