US growth data eyed

July 26, 2019

A relatively low volume of data is scheduled for publication today, but there is still some crucial data being released.

The EURUSD made some small gains overnight, despite the ECB announcing more stimulus. The pair opened at $1.11393 and began to slide early, before dropping to a low of $1.11005 at the time of the ECB meeting. Those losses were quickly erased as the euro rallied to a high of $1.11869 just a couple of hours later. However, it gave up a large chunk of those gains ate in the day and is currently trading at $1.11455. The GBPUSD suffered some small losses overnight after opening at $1.24819. The pair remained flat early before climbing mid-session, peaking at $1.25167. The hard-earned gains were short-lived however, as the pound fell to lows of $1.24360 a few hours later. It has come off those lows and is currently trading at $1.24521.

The Dow was hammered overnight as it looked in danger of falling below 27,000. The index began the day at 27,274.70 and climbed to a high of 27,382.11 mid-session. It gave up those highs in late trading, tumbling to a low of 27,072.13. It has come off those lows and is currently trading at 27,145.40. The Dax was pulled down under the weight of the Dow sell-off after opening at 12,570.40. The German index ticked up to a high of 12,598.61 before the sell-off began, falling to a low of 12,291.33 around an hour later. It bounced off those lows and closed at 12,351.50.

Markets will be focussing on one piece of data being published tonight – the US Advance GDP. The figure is forecast to come in at 1.8% for the quarter (annualised), down from 3.1% at the last reading. This is a dramatic fall and may point to some big weaknesses in the US economy. The US will also be publishing Advance GDP Price Index data.


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