July 26th to the 30th 2021
This week forex trade is likely to be dominated by the Federal Reserve meeting on Wednesday. Markets will be looking for an update on the US economy and how worried the FOMC is about the covid delta impact.
The market will hope that the FOMC delivers some clarity, on when they will taper their monthly bond purchases. Traders also want to know what, if any, the effect of high US inflation is having on the Feds thinking.
The data highlight of the week is the first reading of Q2 US GDP on Thursday. The expectations are for an acceleration of growth from Q1, as the US economy opened up. Economists are predicting that the US economy grew 8.1% YoY in the last three months.
Other US data released include durable goods on Tuesday and Thursday’s PCE price index.
The Euro Zone comes into focus with their Q2 GDP release on Friday at the same time as flash EZ CPI for July.
However, all the fun stuff starts on Wednesday evening through to Friday.
Today and tomorrow look to be pretty quiet on the data front.
The market direction in the first half of the week will be decided by risk sentiment and position adjustments ahead of the FOMC.
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