Will the US economy help the greenback?

Will the US economy help the greenback?

The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.

Instruments to trade: EUR/USD, GBP/USD, USD/JPY

It's not a secret that GDP represents an important indicator that demonstrates the economic activity of a country. Thus, the fall of 5% announced during the previous release indicated the weakening US economy. The reasons behind that plunge were, of course, connected with Covid-19, shutdowns, and uncertain economic outlook. Since then, the situation has got better with restoring business activity and employment. However, the outlook is still uncertain and the coronavirus cases in the US keep rising. Will we see the advance GDP growth rate for the previous quarter going down or stabilizing?

  • If the indicator is higher than the forecasts, the USD will rise;
  • If the indicator is lower than the forecasts, the USD will fall.

Check the economic calendar

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