The European Single Currency weakened against the US Dollar, following the US Preliminary GDP data release on Wednesday at 12:30 GMT. The EUR/USD currency pair lost only 6 pips or 0.05% at the time of the release but the whole drop totaled 10 pips or 0.09%.
The Bureau of Economic Analysis released the US Prelim GDP data that came better-than-expected. Namely, the GDP grew by 4.2%, compared with the forecast 4.0%. The data release showed that the US currency should be more demanded than previously though.
Nikita Skakunovs, the analyst at Dukascopy Bank SA comments: " There are three types of GDP releases, released a month apart from each other. The most significant version is called the Advance GDP, which is the most significant against other GDP releases. Prelim GDP is an insignificant release, which doesn't affect the market a lot. This time was not an exception."
| Historical Data Table: Preliminary GDP q/q | Economic Calendar for 30.08.2018 | ||||||||
| Date | 30.08.2017 | 29.11.2017 | 28.02.2018 | 30.05.2018 | 29.08.2018 | 12:30 PM | CAD GDP m/m | ||
| Actual | 3.00% | 2.60% | 2.50% | 2.20% | 4.20% | 12:30 PM | US Core PCE Price Index m/m | ||
| Forecast | 2.70% | 3.30% | 2.50% | 2.30% | 4.00% | 17:30 PM | German Buba President Weidmann Speaks | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/USD | 0.72922 | 0.72928 | 0.01% | AUD/USD | 54.36% | 45.64% | |||
| EUR/USD | 1.16593 | 1.16614 | 0.02% | EUR/USD | 58.97% | 41.03% | |||
| USD/JPY | 111.253 | 111.257 | 0.00% | USD/JPY | 51.58% | 48.42% | |||
| NZD/USD | 0.66941 | 0.66945 | 0.01% | NZD/USD | 57.10% | 42.90% | |||