As the trading week draws to a close, traders and dealers will move their attention from the US over to the eurozone where GDP and inflation prints are scheduled across the morning session.
Yesterday’s negative US GDP print took participants by surprise. Expectations were for a print above 1%, instead, the actual release saw a -1.4% outcome. This has investors questioning whether the Fed now has the wiggle room to raise interest rates so aggressively. Another negative quarter and the US would enter a technical recession.
Today’s data should not see any significant surprises. However, if there are any large deviations from forecasts then we could witness another volatile trading day in a week that has seen a mammoth rally in the US dollar.
Have a great weekend.
Written by Viv Savani. 6:43am, April 29th 2022
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