US Data In Focus
The key data focus for today’s US session will be the release of preliminary US quarterly GDP. With the US Dollar currently trading firmly higher, today’s data has the potential to either send the Dollar higher still, or derail the current rally. Given the strength in retail sales, which is a key component of GDP, the expectation is that we will see an increase on the prior quarter’s figure. The market is looking for GDP to have increased to 2.2% from 2% prior. Should we see a print in this region or above, USD is likely to continue higher. Should we see a miss, however, USD is likely to see some unwinding short term.
Where to Trade US Prelim GDP?
USDCHF
The current rally in USDCHF has seen price trading up to test the .9356 resistance level. With MACD and RSI both firmly bullish and with the retail community over 80% short, there is plenty of room for the current rally to continue higher. Above the .9356 level, bulls can stay long until a test of .9439 initially.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.