By Ashley Smith – The most interesting news releases today will be coming from the U.S. However, developments regarding the Greek bailout plan remain the most important driving force behind market trends. Without significant development, the EUR will not be able to sustain its recent rally and may again fall towards the 1.3100 level
Advance GDP – 12:30 – USD
The earliest release of the GDP data and thus tends to be the most important. As inventors eagerly await the Federal Reserve to start tightening monetary policy and start raising interest rates, a strong growth number will likely boost the expectation of that happening sooner than later and will prove supporting for the Dollar.
Chicago PMI – 13:45, Revised UoM Consumer Sentiment – 13:55
These are indicators of consumer as well as producer sentiment and outlook which is important in order to gauge the economic recovery progress. Better than expected result will intensify investor’s expectations of an impending interest rate hike, thus boosting the USD.
Forex Market Analysis provided by Forex Yard.
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