US growth data eyed

May 27, 2021

Attention turns to the US as it publishes a few pieces of crucial economic data.

Investors flocked to the USD overnight, pushing paired currencies down. The EURUSD opened at $1.22473 and edged up to a high of $1.22625 mid-session. That high was not held for long as the decline began shortly afterwards. This ultimately saw the euro hit a low of $1.21809 late in the day. It is not far from those lows, currently trading at $1.21849. The GBPUSD began the day at $1.41491 and slowly climbed to a mid-session high of $1.41752. From there, the pair headed south, hitting lows of $1.41116 late. The pound has fallen further and is now trading at $1.41040.

Indices were mixed overnight, with the Dow ending the day flat and Dax ending finishing lower. The Dow opened at 34,348.48 and peaked at 34,469.07 mid-session. Falling from those highs, the Dow dropped to lows of 34,281.07 a few hours later before closing at 34,345.16. It is now trading at 34,301.30. The Dax started the day at 15,509.14 and lifted to an early high of 15,541.66, where it remained steady for a few hours. Mid-session trading saw the start of the slide, with the German index eventually hitting a low of 15,401.63 late in the day. It has come off those lows and is now trading at 15,441.80.

The day ahead sees focus shift to the US as it publishes its annualised quarterly Prelim GDP figure. It is expected that the US economy grew by 6.5% during the March quarter, slightly up from the 6.4% recorded in the previous quarter.

Other data released today includes:

Australia – Private Capital Expenditure

UK – Nationwide HPI, MPC Member Gertjan Vlieghe speaks

Europe – German GfK Consumer Climate, Swiss Trade Balance, German Buba President Jens Weidmann speaks

US – Unemployment Claims, Pending Home Sales, Natural Gas Storage, Prelim GDP Price Index, Durable & Core Durable Goods Orders


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.