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Forex Today: Australian GDP Below Expectations

Australian GDP data released yesterday shows growth last quarter running at only 0.2%, below the 0.3% which had been expected.

  1. Australian GDP data is showing economic growth lower than expected, with only a 0.2% expansion of the economy shown in the last quarter.
  2. The Bank of Canada will be releasing its Overnight Rate and Rate Statement today. The Bank is widely expected to keep its interest rate unchanged at 4.50%, but a surprise hike following the RBA’s earlier action is a possibility. This will be watched for clues as to what the Fed might do next week.
  3. Global stock markets continue to look mostly bullish. US stock markets are performing well overall, with both the S&P 500 Index and the NASDAQ 100 Index close to long-term high prices.
  4. In the Forex market, the US Dollar is rising very weakly, against its long-term bearish trend. The greenback is effectively trading choppily within its consolidation pattern, going nowhere. Action has been dominated so far today by strength in the Japanese Yen and weakness in the Euro. However, trend traders will probably still be looking for long trades in the USD/JPY currency pair which recently reached a new 6-month high price.
  5. The Turkish Lira reached another record low yesterday, after weakening ever since President Erdogan’s election victory started to look likely.
  6. Coinbase is being sued by the SEC, which saw its share price decline by 20%.

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    Adam Lemon
    About Adam Lemon

    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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