Real Gross Domestic Product (GDP) decreased at an annual rate of 1.4% this quarter, the previous was 6.9% and forecast was 7%. The decrease in GDP of -1.4% reflected in private inventory investment, exports, FED spending, and local government spending. Because of this, I will be shorting some USD/XXX pairs, starting with USD/ZAR (My previous Idea) .
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By the End of Today, we will have a confirmation on whether it is time to Buy or Sell USDZAR. let's see how it goes after the United States GDP q/q news release in a few minutes and I will updated this idea after the news release.
The Dollar Index is curently at 102.8 (-0.63%) with Gold at the supply zone right now. As the GDP Q1 was -1.4% yesterday, we could expect the US central bank to tighten its Monetary Policy when it meets in June and July and could lift rates 1-3% by the end of the year. We could also have high votality next week due to the Fed moving to a jumbo rate hike when they...
As investors predict the currency may soon reach parity with the dollar for the first time in 20 years, the euro dropped to its lowest against the dollar since March 2017.
In response to the Russian decision to cut off gas to Poland and Bulgaria, the euro is put under much more pressure and is likely to reach possibly 0.85-0.90 by the end of the year.
