Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.
How will the USD react to GDP release?
This is the third and the final release of American GDP growth in the first three months of the year. The publication will take place at 15:30 MT time on June 28.
The previous estimates showed that the US economy is in good shape. The US GDP rose by 2.2% on the annualized basis in the first quarter. It was a strong start of the year compared with other developed economies, in particular, the euro area. Such strong figures give the USD a competitive advantage versus the EUR.
Notice, that this time GDP growth we mentioned earlier may be revised either up or down. Such revisions are quite common as statistical agencies get more accurate figures. The bigger the revisions, the greater the moves in the USD.
- If the data is greater than the forecast, the USD will go up.
- If the data is weaker than the forecast, the USD will go down.
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