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USD flat ahead of GDP – TDS

FXStreet (Barcelona) - Shaun Osborne and Martin Schwerdtfeger, FX Strategists at TD Securities, note that the focus today during the NA session will remain on the second estimate of Q3 US GDP.

Key Quotes

“The USD drifted lower against the EUR yesterday, as mixed US data were unable to stem the decline triggered by an upside surprise in the IFO survey and comments by Bundesbank President Weidmann, who noted high legal hurdles to ECB government bond purchases and suggested governments should focus on growth strategies, not sovereign QE.“

“Price action overnight has been mixed, with the USD flat against EUR, but showing gains against most mayors, except the JPY, which regained some ground against the greenback upon the release of the BoJ minutes, ones that reaffirmed the concerns of dissenting board members with additional stimulus.”

“Today the focus during the NA session will be on the second estimate of Q3 US GDP. We look for a more modest downward revision than the market, as we see it downgraded to 3.4% q/q ann. from 3.5%.”

“We also see Consumer Confidence improving further to 97.0 from 94.5. These data releases should keep the USD on an even keel as the market waits for tomorrow’s data raft, which will include Personal Income and Spending, the PCE deflator — a key indicator for the Fed — and Jobless Claims, before winding down for the Thanksgiving weekend.”

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