News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
US Dollar May Rise as Sentiment Sours Anew on Revised 2Q GDP Data

US Dollar May Rise as Sentiment Sours Anew on Revised 2Q GDP Data

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Australian Dollar Drops as RBA Rate Cut Expectations Continue to Rebuild
  • 2Q US GDP Revision May Boost US Dollar, Trigger Renewed Risk Aversion
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The Australian Dollar underperformed in otherwise quiet overnight trade. The currency briefly popped higher after the second-quarter capex report revealed an upgrade to the 2015-16 outlook, but sellers swiftly retook the initiative. Prices declined alongside Australian front-end bond yields, hinting the move reflected continued deterioration in RBA policy bets. Traders are pricing in at least one 25bps reduction in the cash rate over the coming 12 months.

A lackluster economic calendar in European trading hours will see traders looking ahead to a revised set of second-quarter US GDP figures. The annualized growth rate is expected to be revised higher to 3.2 percent from the previously estimated 2.3 percent print. A supportive outcome may rekindle speculation that the Federal Reserve may yet raise interest rates this year, boosting the US Dollar and rekindling risk aversion amid fears that tightening will hurt global growth.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

01:30

AUD

Private Capital Expenditure (2Q)

-4.0%

-2.5%

-4.7%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

06:00

EUR

German Import Price Index (MoM) (JUL)

-0.7% (A)

-0.5%

Low

06:00

EUR

German Import Price Index (YoY) (JUL)

-1.7% (A)

-1.4%

Low

06:00

GBP

Nationwide House Px (MoM) (AUG)

0.3% (A)

0.4%

Medium

06:00

GBP

Nationwide House Px (YoY) (AUG)

3.2% (A)

3.5%

Medium

07:15

CHF

Industrial Output WDA (YoY) (2Q)

-

-0.5%

Low

08:00

EUR

Eurozone M3 Money Supply (YoY) (JUL)

4.9%

5.0%

Low

08:00

EUR

Eurozone M3 Money Supply 3M Avg (JUL)

5.0%

5.1%

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0851

1.1120

1.1217

1.1389

1.1486

1.1658

1.1927

GBPUSD

1.5011

1.5278

1.5371

1.5545

1.5638

1.5812

1.6079

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES