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Forex Today: Markets Await US Preliminary GDP Data

Preliminary US GDP data will be released yesterday, with markets expecting a fall in annualised economic growth from 1.6% to 1.2%.

  1. There will be a release today of Preliminary US GDP data. GDP growth is seen falling from 1.6% to 1.2%. Weaker growth might reinforce the case for an earlier rate cut, so could reverse some of the recent gains seen by the greenback.
  2. Global equity markets have traded lower as US treasury yields remain near highs. The NASDAQ 100 Index had its worst daily decline in almost a month.
  3. The precious metal Silver gave up some of its recent gains again yesterday but remains within sight of its recent swing high. It is notable that spot Silver is outperforming Gold. Long-term trend traders will remain interested in Silver on the long side.
  4. In the Forex market, the strongest major currency since the Tokyo open is the Japanese Yen, while the New Zealand Dollar is the weakest major currency. The US Dollar is also strong on risk-off sentiment. The USD/JPY currency pair will get some attention today, as it reached a price level which recently prompted intervention by the Bank of Japan.
  5. There will be releases today of US Unemployment Claims and Pending Home Sales data.
  6. Yesterday’s release of German Preliminary Consumer Price Index (CPI) data came in slightly lower than expected, showing a month-on-month increase of 0.1% when an increase of 0.2% was seen as most likely.

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