U.S. GDP data will steal some of the limelight on Thursday. A strong report could put upward pressure on bond yields, boosting the U.S. dollar against its major peers, such as the euro and the Australian dollar.
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The U.S. Bureau of Economic Analysis will release preliminary gross domestic product data on Thursday. The median estimate suggests that the American economy grew at an annualized pace of 4.3% in the third quarter, although several investment banks are forecasting a stronger expansion above 5.0% on solid personal consumption expenditures, which likely surged 4.5% during the period under review.’s peak rate outlook in light of recent messaging.
After failing to clear cluster resistance located a touch below the psychological 0.6400 level earlier in the trading session, AUD/USD took a sharp turn to the downside, falling rapidly towards the 2023 lows around the 0.6300 handle. While prices could find a foothold in this zone on a retest, a breakdown could open the door for a drop towards last year's lows at 0.6170.
On the other hand, if buyers return to the charge and trigger a bullish turn, the first ceiling to consider appears at 0.6350. Upside clearance of this barrier could expose the 0.6400 mark. On further strength, buyers could become emboldened to launch an attack on 0.6460 and then 0.6510.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
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