Daily Brief, June 27 – Economic Events Outlook – US Final GDP Eyed
U.S. economy will be releasing the Final GDP along with German Prelim CPI m/m. Besides, the recent price action in the stock markets....
Good morning, fellas.
It’s all about Greenback today as the US economy will be releasing the Final GDP along with German Prelim CPI m/m. Besides, the recent price action in the stock markets, dollar, and gold are likely to help us capture some excellent trades today. Take a look.
Watchlist – Key Economic Events
EUR – German Prelim CPI m/m
Destatis is due to release of the figure during the European session. German is one of the major business hubs in the Eurozone, and its economic events do play a functional role in Euro valuation. Economists are expecting no surprise as Prelim CPI is forecast to be 0.2% from 0.2% beforehand.
Lately, the German CPI is deviating a lot, driving surprising moves in the market.
EUR – Spanish Flash CPI y/y
Likewise, the Spanish CPI is due at 7:00 GMT, and it’s expected to rise by 0.8% vs. 0.8% beforehand. By the way, Spanish Flash CPI was up 1.2% in the previous month. For sure, this month’s figure supports the ECB dovish policy tone and the Euro may trade under pressure today.
The higher level of inflation will give a boost to Euro, while a drop in CPI will place more pressure on ECB President Draghi to keep the monetary policy accommodative. As we all know, the accommodative policy weakens the Euro.
USD – Final GDP q/q
The US Bureau of Economic Analysis is expected to publish the figure at 12:30 GMT. Lately, the US economy expanded at an annualized pace of 2.2% in Q1 2019. Although it was slower than before, it didn’t come as a surprise. The final variant of GDP growth is expected to print 3.1% vs. 2.2% beforehand.
Less than expected economic growth is likely to pressure the Fed to keep the rates on hold while placing bearish pressure on the Greenback.
USD – Unemployment Claims
At 12:30 GMT, the weekly jobless claims will be in focus. This is the nation’s earliest economic data. The market impact fluctuates from week to week – there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes.
Lately, the market has been showing a neutral reaction to this release due to the absence of deviation in data. Even today, economists are expecting a slight jump in jobless claims from 220K to 216K. A higher number is considered bad for the currency.
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