US GDP Data : Forex Trading Impact
The US GDP data (Quarterly) came in at 2.0% , matching market expectations as well as previous figure of 2.0% . After released the US in line GDP data , The USD showed mixed trading against its major counterparts in the European trading session in Thursday .
Data from the Commerce Department showed that said real GDP increased at an annual rate of 2.0 in the second quarter, unchanged from the previous estimate and in line with economist estimates.
The unrevised 2.0 percent GDP growth in the second quarter still reflects a notable slowdown compared to the 3.1 percent jump in the first quarter.
A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits crept slightly higher in the week ended September 21st.
The report said initial jobless claims inched up to 213,000, an increase of 3,000 from the previous week’s revised level of 210,000.
Economists had expected initial jobless claims to tick up 212,000 from the 208,000 originally reported for the previous week.
At 10:00 am ET, the National Association of Realtors is due to release its report on pending home sales in the month of August. Pending home sales are expected to climb by 0.9 percent in August after tumbling by 2.5 percent in July.
The currency was lower against its most major counterparts in the previous session.
Data from the Society of Motor Manufacturers and Traders showed that UK car production increased for the first time in 15 months in August.
Car production grew 3.3 percent on a yearly basis in August as factories kept production lines rolling throughout the month after they brought forward planned summer shutdowns to April in preparation for the original Brexit deadline.
The greenback held steady against the yen, after reaching as low as 107.55 at 6:35 am ET. At yesterday’s close, the pair was worth 107.77.
Bank of Japan Governor Tohiko Kuroda said that the bank will conduct monetary policy without any prejudice in mind.
The momentum towards price stability target may be impaired and downside risks likely increased, Kuroda noted. With this situation in mind, the board will reexamine economic and price trends at the next policy meeting, he said.
The greenback retreated to 1.0956 against the euro, from more than a 2-year low of 1.0923 hit at 6:30 am ET. If the greenback slides further, 1.12 is likely seen as its next support level.
Data from the European Central Bank showed that Eurozone money supply grew at a faster pace in August and growth in private sector credit accelerated.
The broad monetary aggregate M3 climbed 5.7 percent year-on-year in August, faster than the 5.1 percent increase logged in July.
Following a 1-week high of 0.9948 hit at 6:00 am ET, the greenback reversed direction against the franc, with the pair trading at 0.9923. The greenback is seen finding support around the 0.96 region.
The U.S. pending home sales for August are scheduled for release shortly
The Material has been provided by InstaForex.com