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.

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
Bullish
Oil - US Crude
Bearish
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Pfizer/BioNTech Covid-19 vaccine approved for use in the UK - BBG
  • Heads Up:🇨🇭 Inflation Rate YoY (NOV) due at 07:30 GMT (15min) Expected: -0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-12-02
  • 🇩🇪 Retail Sales YoY (OCT) Actual: 8.2% Expected: 5.9% Previous: 6.5% https://www.dailyfx.com/economic-calendar#2020-12-02
  • Heads Up:🇩🇪 Retail Sales YoY (OCT) due at 07:00 GMT (15min) Expected: 5.9% Previous: 6.5% https://www.dailyfx.com/economic-calendar#2020-12-02
  • Wall Street Futures Update: Dow Jones (-0.406%) S&P 500 (-0.246%) Nasdaq 100 (-0.122%) [delayed] -BBG
  • Seems there is some surprise on reports (from NYT) that President-Elect Biden will not reverse the Phase One trade deal and tariffs on China. The international mood towards China is particularly cool. Now, relations with Canada and Mexico or the EU over Airbus is another matter
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/EyHrHRYZfA
  • IGCS hints that #gold may reverse higher as the #SP500 aims for new highs. Things are looking a little bit more choppy for the growth-linked Australian Dollar. Check out my full report with webinar recording here - https://www.dailyfx.com/forex/technical/article/special_report/2020/12/02/Gold-Price-SP-500-AUDUSD-Forecast-How-Might-Retail-Traders-Behave-Next.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/8ueRCILgdY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.48%, while traders in EUR/USD are at opposite extremes with 76.40%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cVNpB5eeUn
  • President-Elect Joe Biden: Says won't immediately remove China phase-one tariffs, want to conduct full review of existing deal -BBG citing NYT
Taper, On: US Dollar, Treasury Yields Jump on Strong 2Q GDP Revision

Taper, On: US Dollar, Treasury Yields Jump on Strong 2Q GDP Revision

2013-08-29 13:10:00
Christopher Vecchio, CFA, Gregory Marks,
Share:

THE TAKEAWAY: US economy grew stronger than anticipated > Initial claims remain near yearly lows > Personal consumption figures beat > Big picutre: US consumer is resilient and an improving labor market is supporting a broader recovery > USDOLLAR BULLISH

A strong round of top tier US data has the US Dollar building on its gains from earlier in the day. The headline 2Q’13 GDP figure was revised higher to +2.5% from +1.7%, beating expectations and settling fears that the world’s largest economy slowed into midyear.

With the US economy growing in line with the Federal Reserve’s forecasts from June, there is reason to believe that the Fed will move ahead with its plan to reduce the pace of QE3 next month.

Coming in at 331K, Initial Jobless Claims slightly beat estimates of 332K. Initial Jobless Claims, released on a weekly basis, measures the number of Americans who have filed for unemployment benefits. In a market where participants are judging all data in the context of an upcoming Fed taper, better prints (fewer claims) suggest that a reduction in asset purchases is likely and therefore is supportive of the US Dollar.

Here are all the figures pushing up the buck on Thursday:

- GDP (Annualized) (2Q S): +2.5% versus +2.2% expected, from +1.7%

- Personal Consumption (2Q S): +1.8% versus +1.7% expected (q/q)

- Initial Jobless Claims (AUG 24): 331K versus 332K, from 337K (revised higher from 336K)

- Continuing Claims (AUG 17): 2989K versus 2988K, from 3003K (revised higher from 2999K)

Read more: US Dollar Continues Climb amid Emerging Markets Rebound; Yields Up

Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) 1-minute Chart: August 28, 2013

Taper_On_US_Dollar_Treasury_Yields_Jump_on_Strong_2Q_GDP_Revision_body_x0000_i1027.png, Taper, On: US Dollar, Treasury Yields Jump on Strong 2Q GDP Revision

Charts Created using Marketscopeprepared by Christopher Vecchio

--- Written by Christopher Vecchio, Currency Analyst and Gregory Marks, DailyFX Research

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES