US Prelim GDP release is the second release for the 1st quarter of 2017, which is expected at a slight improvement from the previous release due to a slowing economy. If we get a surprise today, we should see plenty of market reactions to this release, and I believe a surprise to the upside has higher impact and we should see more market reaction in that front.
Considering what FOMC Statement on May 3 stated, where “…growth in economic activity slowed.” I would not hold my breath on a blowout figure today, but considering recent USD dips, a positive surprise will move the market, and a negative surprise means stay away.
8:30am (NY Time) USA Prelim GDP q/q Forecast 0.9% Previous 0.7% (Advanced Q1 GDP)
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I’d recommend to use the Recommended Pair above as it is based on my strength meter by pairing up the best currencies in the event of a better/worse news… or you can just use the default pairs for this news: USDJPY or EURUSD
We’ll be trading this release using an after-news retracement method. For more information on my trading methods, please read: http://www.currencynewstrading.com/how-to-get-started-with-news-trading/
US Prelim GDP q/q | May 26, 2017 | Forex Trading
May 21, 2017 by 2 Comments