G7 meeting and US GDP hot topics today
|It’s Friday May 26th, and here is this week’s edition of forex happy hour and market report for the final trading day of the week. The G7 meeting will be the hot topic today as finance ministers and central bankers from 7 industrialized nations - Canada, Italy, France, Germany, Japan, the UK, and the US get together to talk global policy-making. Another risk event is the US GDP report out during the New York session at 12:30 PM GMT, expected to have ticked up to 0.9% on an annual basis. The US will also released their Durable Goods Orders (APR P) at the same time. Because orders for goods have large sway over the actual production, this figure serves as an excellent forecast of U.S. output to come. Durable Goods are typically sensitive to economic changes. When consumers become skeptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Similarly,, when consumer confidence is restored, orders for durable goods rebound quickly. That will end the trading week. Thanks for watching, have a great weekend and come back for more from Capital Index and Invest Diva next week.
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