GDP

Crude Oil Forecast: Oil’s track to 74 was halted by positive US GDP and declining inventories. What’s next for FOMC and NFP Week?

Crude Oil Forecast: Beyond the positive oil outlook of the summer season, GDP figures and clean energy transitions are weighing on oil prices.

Crude Oil Forecast: Oil is dropping further into its consolidation, following the steep drops of the commodities market

Crude Oil Forecast: oil’s uptrend is facing challenges between resistance levels and inventory changes. What’s next for today’s inventory release?

Crude Oil Outlook: Oil charts are set to gear up this week with a confluence of factors including economic growth metrics, geo-political tensions, inventories, and OPEC policies.

The largest and most important part of the Australian economy is struggling under the weight of higher borrowing costs, adding to the risk the Reserve Bank of Australia (RBA) may be forced to start lowering policy rates sooner than other central banks, keeping the Australian dollar under pressure.

Australia’s economy is slowing, but there’s a chance GDP could come in softer than the RBA’s own forecast. And that could weigh on AUD/USD on renewed RBA-cut bets.

The European Central Bank (ECB) is likely to acknowledge that the current state of the Eurozone economy, with growth hovering around zero, is not great. However, it will probably highlight more forcefully signs suggesting that inflation is not making swift progress towards their 2% target, particularly in light of the persistent pressure on wages.

If we see continued strength in US data, this will further boost the hawkish Fed bets

Although Durable Goods was stronger than expected, there is little to take from the other data points, as it was from so long ago.

As well as GDP, there were positive surprises in Jobless claims and durable goods orders

There are still a few important macro pointers that investors will be watching this week ahead of a very busy next week

GDP releases are crucial events on the forex trading calendar, measuring the percentage change in the economic output of a country. New GDP rates are highly anticipated by forex traders because of what they mean for the country’s economy and what policies central banks and government may enact in response.

Whilst Australia’s Q3 GDP was expected to soften relative to Q2, it came in softer than expected. And whilst household spending remains apparent, it is to the detriment to savings.

USD/CAD made a large move higher today, though it doesn’t seem like it was based on fundamentals.

UK investors more worried about a deteriorating global economy, than are hopeful about the US and other central banks easing rate hikes

Today’s US data did little to help traders change their minds regarding the possibility of a 75bps hike at next week’s FOMC meeting.