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Forex Today: Markets await preliminary US GDP data

Forex Today: Markets await preliminary US GDP data

Preliminary US GDP data will be released yesterday, with markets expecting annualized economic growth to decline from 1.6% to 1.2%.

➡️ Preliminary US GDP data will be released today. GDP growth is expected to decline from 1.6% to 1.2%. Weaker growth could reinforce the case for an earlier rate cut, thus reversing some of the recent gains seen by the greenback.

➡️ Global stock markets traded lower as US Treasury yields remain near highs. The NASDAQ 100 Index posted its worst daily decline in nearly a month.

➡️ Yesterday the precious metal Silver has given back some of its recent gains, but remains within sight of its recent high. It is notable that spot silver is outperforming gold. The trfollowers who follow trends long term they will remain interested in silver on the Long side.

➡️ In the Forex market , the strongest major currency since Tokyo opened is the Japanese yen, while the New Zealand dollar is the weakest major currency. The US dollar is also strong in terms of risk appetite. The USD/JPY currency pair will attract some attention today, as it reached a price level that recently required intervention from the Bank of Japan.

➡️ US unemployment claims and pending home sales data will be released today.

➡️ Yesterday's publication of preliminary data of the consumer price index (CPI) German was slightly lower than expected, showing a month-over-month increase of 0.1% when a rise of 0.2% was considered more likely.

 

Credit by DailyForex.com

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