{"id":24745,"date":"2011-10-26T11:35:36","date_gmt":"2011-10-26T15:35:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2011\/10\/26\/q3-us-gdp-could-outperform-but-data-may-be-overlooked\/"},"modified":"2011-10-26T11:35:36","modified_gmt":"2011-10-26T15:35:36","slug":"q3-us-gdp-could-outperform-but-data-may-be-overlooked","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/10\/26\/q3-us-gdp-could-outperform-but-data-may-be-overlooked\/","title":{"rendered":"Q3 US GDP Could Outperform but Data may be Overlooked"},"content":{"rendered":"<p><strong>Source: <a href=\"http:\/\/www.forexyard.com\/landsys\/general_static\/en\/?pid=545&#038;mid=888&#038;cid=15844&#038;zid=15873\" target=\"_blank\">ForexYard<\/a><\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/profile-pics\/9.jpg\" width=\"120\" alt=\"printprofile\" \/><\/p>\n<p>Typically US GDP is a high impact event in the foreign exchange market though tomorrow\u2019s data may be overlooked given the tensions in Europe and the continued talk of QE3 by the Fed.<\/p>\n<p><span><\/span>Today <a href=\"http:\/\/www.bloomberg.com\/news\/2011-10-26\/orders-for-u-s-durable-goods-excluding-planes-rise-by-most-in-six-months.html\">US core durable goods<\/a> orders for the month of September climbed 1.7%, handily beating consensus forecasts of 0.5%. The better than expected result  combined with this past month\u2019s surprisingly positive NFP jobs report may help to shift investor expectations higher regarding tomorrow\u2019s Q3 GDP report. Consensus forecasts are for 2.4% growth but perhaps the US economy is growing at a faster pace than forecasted?<\/p>\n<p>Unfortunately, this data may be overshadowed by<a href=\"http:\/\/www.forexyard.com\/blog\/en\/2011\/10\/25\/gold-surges-following-bear-trap\/\"> growing expectations for QE<\/a>3 regardless of the growth data as unemployment levels remain elevated.  This could keep pressure on the USD despite the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2011\/10\/26\/eu-economic-summit-is-today%E2%80%99s-highlight-event\/\">tensions in Europe <\/a>and today\u2019s USD gains. A better than expected US GDP would also be positive for the \u201crisk on\u201d trade. <\/p>\n<p>At print time the recent trend line rising from the October low remains intact with the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2011\/10\/24\/forex-traders-extend-bearish-eur-bets\/\">EUR\/USD<\/a> failing to make a decisive break. A move below this line could find a bid at 1.3650 from where the October 18th low and the 20-day moving average converge.<\/p>\n<p>Cable is down more than one cent today but yesterday\u2019s current account numbers speak well for the UK economy. GBP\/USD failed to move above its 100-day moving average which is just above the 50% Fibonacci retracement from the April to October decline but the pair has support at 1.5850 from the top of last week\u2019s consolidation pattern. A deeper move could have sterling bulls lurking at 1.5780 from the rising support line off the October 12th low. <\/p>\n<p>Read more forex trading news on our <a href=\"http:\/\/www.forexyard.com\/blog\/en\/\">forex blog<\/a>.<\/p>\n<p><strong><a href=\"http:\/\/www.forexyard.com\/landsys\/general_static\/en\/?pid=545&#038;mid=888&#038;cid=15844&#038;zid=15873\" target=\"_blank\">Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: ForexYard Typically US GDP is a high impact event in the foreign exchange market though tomorrow\u2019s data may be overlooked given the tensions in Europe and the continued talk of QE3 by the Fed. Today US core durable goods orders for the month of September climbed 1.7%, handily beating consensus forecasts of 0.5%. The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2011\/10\/26\/q3-us-gdp-could-outperform-but-data-may-be-overlooked\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Q3 US GDP Could Outperform but Data may be Overlooked&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-24745","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/24745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=24745"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/24745\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=24745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=24745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=24745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}