The U.S. Dollar awaits GDP data

The U.S. Dollar is key to the Forex market and is the driver of most of its major trends.  I don’t usually trade any pair that does not have the USD in it. After losing a lot of ground in recent weeks against almost all the major currencies, the greenback made a small comeback when Tuesday’s extremely positive U.S. Consumer Confidence data was released. There was no major news yesterday, and today the market is awaiting U.S. GDP data (as at the time of writing), so Forex markets have consequently been very quiet. In addition to the GDP data, there will also be a release of Unemployment Claims numbers, but it is the GDP data that will be very crucial in determining where the USD goes next in the short term. Continue reading…