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US GDP Could Boost US Dollar

Yesterday’s high: $1.3358

Yesterday’s low: $1.3225

Sterling Struggled on Gloomy OECD Forecast

The Pound fell against the US Dollar yesterday, recording a -0.7% drop during the afternoon.

This was caused by the OECD downgrading its growth forecasts for 2018 and 2019 while warning about the economic damage that Brexit could cause.

In the US, traders paid close attention to comments from Chair of the Federal Reserve, Jerome Powell. While he indicated that he intends to follow the course laid out by Janet Yellen, he also indicated that policy could be loosened again if necessary.

USD Outlook: Positive Revision to US GDP Would Boost USD

This afternoon will bring a US GDP announcement along with a trio of Fed speeches.

US Q3 GDP is expected to be revised up, which could give the US Dollar a boost.

The US Dollar would be additionally supported if Fed policymakers forecast higher US inflation in 2018 as this would give rise to speculation that more rate hikes are on the way.

Key Events

29th November

09:30 UK Bank of England (BoE) Consumer Credit

13:30 US GDP Growth Rate (Q3)

13:30 US Fed Dudley Speech

15:00 US Fed Yellen Speech

18:50 US Fed Williams Speech

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To keep up to date with the US Dollar, visit the USD blog in our Currency News section.

Arron Morris

Senior Currency Broker
T: 01442 892 065

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