Currency Analyst since 2010

US dollar is retreating ahead of GDP

US dollar has paused after reaching a 1-month high versus a basket of currencies on US economic data and comments from the Federal Reserve officials on Thursday. All eyes are now on the US preliminary Q4 GDP due at 13:30 GMT.

EUR/USD is flat in the 1.1200 area. Traders await German inflation figures due later in the day.

USD/JPY eased to 119.10 from yesterday’s high at 119.50. Japanese data released during the Asia session was mixed, though mostly negative. Industrial production jumped by 4%, but retail sales fell by 2% and core consumer prices rose less than expected (2.2% vs. the forecast of 2.4%).

GBP/USD found support in the 1.5400 area and retested 1.5420. Pound is supported by the Bank of England’s rate expectations.

AUD/USD found support at 0.7777 (short-term uptrend line) and is now above 0.7800. Aussie recovered because of the general pullback in USD. Today watch the American data as well as changes in commodity prices.

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