INVESTORS LOOK TO GLOBAL THIRD QUARTER GDP AND MANUFACTURING DATA
GDP AND MANUFACTURING
In the upcoming trading week, financial markets will look to an array of high-impact macro-economic data coming out of the United States. The U.S economy releases third quarter GDP figures, home, jobs and ISM Manufacturing numbers. We also see the UK and the Chinese economy releasing November Manufacturing figures.
Traders will also look to the price of Bitcoin, as the heavily-traded cryptocurrency moves to new record high price-levels, with $10,000 per Bitcoin fast approaching. The U.S dollar index is also on investors radar, after suffering a week of heavy losses, as will the euro currency, after it broke above the key 1.1900 technical level last week.
Monday 27th November, U.S New Home Sales
The U.S economy releases monthly New Home Sale data, analysts are expecting that U.S New Home Sales contracted by -6.3 percent during the month of October.
New Home Sales measures the change in percentage of the new home sales in the U.S. A new home sale is considered to be any deposit or contract signing either in the year the house was built or the year after it was built.
Tuesday 28th November, UK Third Quarter GDP
The United Kingdom releases key third quarter GDP figures on Tuesday, analysts are expecting that the UK expanded by 0.3 percent, which is marginally down from the 0.4 rise seen in the second quarter.
Gross Domestic Product measures the change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health.
The GBPUSD pair is likely to remain bullish while trading above the 1.3300 level. Further upside towards 1.3400 and 1.3510 should be expected.
A loss of the 1.3300 level may lead to a decline towards 1.3268 and 1.3220.
Wednesday 29th November, U.S Third Quarter GDP
Official data is expected to show that in the third fiscal quarter, the United States economy expanded by 3.2 percent, which is marginally better than the second fiscal quarter.
Gross Domestic Product measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health.
Thursday 30th November, China Manufacturing PMI
The official Chinese Manufacturing PMI for November is expected to come in at 51.5, which is just slightly above the 50 reading, needed to show that expansion occurred.
Every month questionnaires are sent to over 700 manufacturing enterprises all over China. The data presented here is compiled from the enterprises responses about their purchasing activities and supply situations. The PMI should be compared to other economic data sources when used in decision-making.
The AUDUSD pair is expected to remain bullish while trading above the 0.7580 level, further upside towards 0.7650 and 0.7715 remains possible.
Should the AUDUSD pair decline below the 0.7580 level, sellers will likely target the 0.7510 and 0.7445 levels.
Friday 1st December, U.S ISM Manufacturing PMI
The Institute of Supply Management Manufacturing Purchasing Managers Index Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies.
Indicators measured in the ISM report include New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices.