Today’s Key Market Drivers – 28th July 2017
Traders who sent the US Dollar sharply lower on Wednesday finally had some reason to take profit and buy it back when US Durable Goods data beat market estimates by over 3%. Other US economic data released on Thursday also gave traders a reason to feel somewhat optimistic leading into today’s 2nd quarter GDP figures with shipments around the country on the rise.
Profit takers sent the Aussie Dollar lower by over a cent against the greenback after it touched 0.8065 for the first time since May 2015. The Yen also broadly gained through the European and US trading sessions but its safe haven counter part the Swiss Franc fell which tells me there was no clear direction for traders on Thursday.
Looking ahead to today there is plenty of reasons for currency markets to remain busy with a slew of medium and high impacting economic news for the Asian, European and US trading sessions. The biggest news of the day will be second quarter US GDP figures and if they disappoint then the US Dollar could be headed for another kick in the guts before the weekend.
Canadian GDP numbers are also due today and after the Bank of Canada recently raised the official cash rate by 0.25% in July signaling the Canadian economy is on the improve traders will be keen to see if today’s GDP figures back up the Central Banks comments.
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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