US Q1 GDP Overview
Thursday's US economic docket highlights the release of the final version of the US GDP report for the first quarter of 2019 and is scheduled to be published at 12:30 GMT. The economic growth in the January-March quarter is anticipated to match the preliminary estimate and hold steady at 3.1% annualized pace as compared to a 2.2% rise recorded in the last quarter of 2018.
Deviation impact on EUR/USD
Readers can find FX Street's proprietary deviation impact map of the event below. As observed the reaction on the pair, in case of a deviation by -0.82 likely to be around 24-pips in the first 15-minutes and could extend to 54-pips in the following 4-hours. Conversely, the reaction in case of positive deviation by 0.68 is likely to be in the range of 20-pips during the first 15-minutes, which could extend to 45-pips in the subsequent 4-hours.
How could it affect EUR/USD?
Ahead of the important release, Yohay Elam, Analyst at FXStreet offers important technical levels to trade the major – “1.1320 capped EUR/USD on its way up to current levels, and 1.1245 held it down beforehand. The next support line is 1.1180 which was a low point in mid-June.”
“Looking up, 1.1385 was a high point on Wednesday and is immediate resistance. It is followed by 1.1415 that was the peak this week and the highest since March. The next levels are 1.1445 and 1.1520,” he added further.
Key Notes
• US Q1 GDP Final Revision Preview: Look ahead not behind
• EUR/USD Forecast: On the verge of losing critical support after failing to rise on upbeat news
• EUR/USD Technical Analysis: The pair remains supported by the 200-day/week SMAs
About the US GDP
The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. GDP Annualized is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. Generally speaking, a high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD struggles near one-month low despite subdued USD demand
AUD/USD consolidates its recent heavy losses and seems vulnerable to sliding further amid worries about the slowing Chinese economy. Unexpected interest rate cuts by the People's Bank of China on Monday might also continue to undermine the China-proxy Aussie. Meanwhile, dovish Fed expectations keep the USD bulls on the defensive.
EUR/USD trapped below 1.09 as quiet Monday markets churn
EUR/USD churned on Monday just below 1.0900 as the new trading week kicks things off on a notably light note. Meaningful data remains limited for the first half of the trading week, leaving Fiber traders to shuffle in place as investors await Wednesday’s key PMI figures for both the EU and the US.
Gold price remains on the defensive below $2,400 mark, over one-week low
Gold price struggles to attract any meaningful buyers during the Asian session on Tuesday and languishes near a one-and-half-week low touched the previous day. Biden’s withdrawal from the US Presidential race and unexpected interest rate cuts by the People's Bank of China boosted the global risk sentiment on Monday.
SEC gives final approval for Ethereum ETFs to begin trading
The Securities and Exchange Commission approved the S-1 registration statements of spot Ethereum ETF issuers on Monday, making it the second digital asset ETF to go live in the US, according to the latest filings on its website.
Commodity FX gets no help from higher US equities
Markets were all over the place on Monday. US equities put in a decent recovery, though this did nothing to help beaten down commodity FX, with the Australian Dollar, New Zealand Dollar and Canadian Dollar all getting hammered.