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Forex Daily Overview
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USD lower, Q3 GDP beats expectations
Thu, Oct 29 2009, 18:05 GMT
by Michael J. Malpede
- USD: Lower, stocks rise, risk appetite improves as Q3 GDP beats expectations
- JPY:Lower, industrial and manufacturing output rise, tracking equities
- EUR:Higher, German unemployment falls, EU economic and industrial sentiment rise
- GBP: Higher, German unemployment falls, EU economic and industrial sentiment rise
- CAD and AUD: Higher, German unemployment falls, EU economic and industrial sentiment rise
Overview
USD and JPY traded lower Wednesday as US advanced Q3 GDP rises more than expected. The stronger than expected US GDP report sparked a rally in equities and helped to boost risk appetite as the data confirms that the US economy is emerging from recession. Jobless claims data was mixed, with first time weekly claims posting a modest decline and continuing jobless claims falling to the lowest level since March 21st. AUD outperformed supported by hawkish comments from Australia's finance minister that interest rates won’t stay at current emergency levels. EUR was supported by report of improving EU economic sentiment and an unexpected decline in German unemployment. GBP rallied to a six-week high versus the EUR supported by report that UK mortgage loans rose to an 18 month high. The key question is whether today's report of improvement in US GDP can be sustained or does the gain reflect a temporary rebound fueled by government incentive plans to boost auto and housing sales. FX price direction remains closely correlated to equities and risk sentiment...
Today’s US data:
US advance Q3 GDP rose by 3.5%, a 3.2% rise was expected. Jobless claims for week ending 10/24 fall 1k to 530k, a reading of 525k was expected..Upcoming US data:
On October 30th September personal income and consumption will be released expected at 0.1% and -0.5% respectively along with Chicago October PMI expected 49.1 compared to 46.1 last month's and final October Michigan sentiment expected unchanged at 69.4.Published on Thu, Oct 29 2009, 18:08 GMT
Archive
- USD gains as stocks remain weak
Published On Fri, Nov 20 2009, 18:18 GMT - USD extends gains as risk appetite falls
Published On Thu, Nov 19 2009, 18:15 GMT - USD consolidates gains on soft PPI
Published On Tue, Nov 17 2009, 18:19 GMT - USD lower, trade balance widens sharply on import surge
Published On Fri, Nov 13 2009, 17:50 GMT - USD higher, stocks, gold and oil prices slide
Published On Thu, Nov 12 2009, 17:14 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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