The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Will the US GDP push the dollar?
The final American quarterly GDP is announced on Tuesday at 15:30 MT time.
Instruments to trade: EUR/USD, GBP/USD, AUD/USD, USD/CAD
A chart like the one you see below has never appeared on the desks of the American economists. After an unseen plunge of more than 30% in the second quarter this year, the American economy has expanded by more than 30% in the next one - a charming picture for the eyes of a perfectionist. But don’t take that as a precise figure just yet: the 33.1% is still an estimate that is to be confirmed on December 22. While the probability of seeing a different figure on the due date is relatively low, we have to remember that calculating GDP performance is not an easy task, and the reliability of the figures requires time and precision. Therefore, if the figure is revised to the downside, it will be bad news for the USD. Otherwise, it may rise.
- If the GDP is revised to the downside, the USD will drop.
- Otherwise, it will rise.
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
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What will happen? Australian Bureau of Statistics will announce Core PCE Price Index at 03:30 MT (GMT+3) on Wednesday, October 27…
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