Source: ForexYard
Yesterday we saw riskier currencies tumble following the latest news to come out of the Euro-Zone. Should European news continue to be negative, traders can expect safe havens like the US Dollar and Yen to continue to make gains in the marketplace. Here is a roundup of the main economic indicators set to impact the market today.
08:30 GMT: GBP – Revised GDP Report
There are three versions of the UK GDP report. The first, also called the Preliminary, tends to have the most market impact. That being said, the Revised – the second release – also tends to create market volatility among GBP pairs. Analysts are forecasting a slight increase in the UK GDP reading which, if true, could lead to significant gains for the Sterling against its major counterparts.
14:00 GMT: USD – CB Consumer Confidence Report
The Consumer Confidence report is seen as a leading economic indicator, and as such, consistently creates heavy market volatility. The report is the result of a monthly survey of 5,000 American households. Respondents are asked to rate the economic climate in the US today.
Consumer confidence has steadily increased over the last several months, which has tended to create favorable conditions for the greenback. This month, analysts are forecasting another increase. Should the report be released in-line with, or above, the forecasted level of 59.1, traders can expect the Dollar to continue making gains throughout the rest of the day.
Forex Market Analysis provided by ForexYard.
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