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US Dollar, Gold, Silver Price Action - US Q4 GDP Matches Expectations

US Dollar, Gold, Silver Price Action - US Q4 GDP Matches Expectations

Justin McQueen, Analyst

US Dollar, Silver, Gold Price Analysis & News

  • US Q4 GDP Matches Expectations of 4%
  • US Economy Contracts For the First Time Since 2009, As Expected

BOTTOM LINE: The first look at US GDP in Q4 saw an increase of 4%, printing in line with expectations. However, while adding to the record mechanical increase in Q3, this was not enough to offset the 3.5% contraction for 2020. Therefore, marking the first time GDP has shrunk since 2009, when the US economy contracted by 2.5%. That said, while 2020 will be recorded as the worst year since 1946, with a vaccine rollout taking place accompanied by significant monetary and fiscal stimulus throughout the year, the outlook remains bright.

A Guide to GDP and Forex Trading

US Dollar, Gold, Silver Price Action - US Q4 GDP Matches Expectations

MARKET RESPONSE: The initial reaction had been muted with the data printing in line with expectations. However, at the time of writing the US Dollar has dipped slightly, while a notable bid has gone through the precious metals market with gold rise $15 to $1856, while silver has jumped from $25.30 to $26.15. I do not attribute this move to the US GDP report, but I am cognisant of the fact that we are approaching month-end and thus volatility across asset classes are likely to pick-up, particularly around the London fix. For more on the London fix, have a look at our trading guide.

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Gold, Silver and US Dollar Price Action

US Dollar, Gold, Silver Price Action - US Q4 GDP Matches Expectations

Source: Refinitiv

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

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