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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

2015-08-27 06:34:00
Ilya Spivak, Head Strategist, APAC
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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.

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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

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

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