US growth data eyed

April 29, 2021

A stack of data is scheduled for release today, with the US once again centre of attention.

Major currency pairs rallied late in the day, thanks to a weaker USD. The EURUSD began the day at $1.20885 and slid to lows of $1.20553 mid-session. Late trading saw the euro rally to a high of $1.21343. That momentum has continued and the pair is now trading at $1.21463. It was a similar story for the GBPUSD after it opened at $1.39071. The decline set in early, with the pound falling to lows of $1.38593 mid-session. It rallied off those lows, peaking at $1.39504 just before the close. It has moved higher again and is currently trading at $1.39689.

The Dow continued to underwhelm overnight, ending the day lower. Upon opening at 33,935.59, the Dow edged up to a high of 33,984.42 mid-session. It remained near those levels for a few hours before falling away, bottoming-out at 33,803.80 in the final hour of the session. It has since bounced off those lows and is now trading at 33,944.30. The Dax went in the opposite direction when it opened at 15,278.02. A low of 15,243.42 was met in the first hour of trade before rebounding quickly and climbing for most of the session, peaking at 15,365.48 late. It has come off those highs and is trading at 15,337.20.

Attention turns to the US and the publication of Advance GDP figures. The US economy is tipped to have grown by 6.8% in the last quarter (annualised), up from 4.3% recorded in the previous quarter.

Other data published today includes:

US – Advance GDP Price Index, Unemployment Claims, Pending Home Sales, Natural Gas Storage

Europe – German Import Prices, German Prelim CPI, Spanish Flash CPI, Spanish Unemployment Rate, European Privat Loans & M3 Money Supply


Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.