After another GDP report from the United States investors cannot be faulted for scratching their heads and asking if good economic data is going to come anytime soon. The USD traded in a rather flat range against the EUR and did lose a tad more ground to the GBP. This week will be packed with data and the numbers will climax on Friday with the Non Farm Employment Change. It will be a quiet day of figures today possibly giving traders another day to consider the landscape, before positioning themselves going into what could become a volatile week if the caution that exists in the market turns into something stronger. Only Personal Spending will come from the States today and the result is expected to be flat. The Final GDP outcome on Friday showed that the U.S. economy expanded only 2.7%, which was a downward revision.
The U.S. economy is showing signs of struggling via housing, retail, and growth numbers. Tomorrow the CB Consumer Confidence reading and the S&P/CS Composite-20 HPI will be released. On Wednesday the ADP report is on the calendar and news will build from there. Thursday will see Pending Home Sales and weekly Unemployment. All of this data will lead up to the main event on the schedule for this week with the U.S. government’s jobless report on Friday. Wall Street traded under dark clouds last week and investor sentiment remains fragile surrounding the equity markets, this as it becomes apparent that a lasting recovery in the U.S. remains hard to grasp. The G-20 meeting in Toronto this weekend failed to offer any resolute position on the struggling global economy and investors may be asking if any type of policy exists that will help the marketplace. ‘Agreeing to disagree’ seems to be the phrase of importance so far from Toronto. Thus the data coming this week will test investor confidence and the USD will feel the affect.
Written by bforex.com