USD and GBP Traders Await Big Moves
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
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.
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