The U.S. dollar extended its gains after data showed the U.S.economy grew more than forecast in the second quarter. The gross domestic product grew at a 3.7 percent rate, exceeding all expectations.
Short-traders have been very profitable for a third consecutive day and should now ensure that the weekly profit is not exposed to any risk. Therefore, you should consider doing either a trading break or trade with very small positions today.
The pound sterling dipped below 1.54 but managed to hold its ground and remained above the 1.54-mark towards the end of the day. U.K. Gross Domestic Product is scheduled for release at 8:30 GMT, a report which could trigger a major reaction in the GBP/USD if data is not in line with expectations.
Furthermore, we will keep an eye on German Consumer Prices, due for release at 12:00 GMT. From the USA, there will be second-tier data such as PCE numbers and Michigan Confidence, scheduled for release at 12:30 and 14:00 GMT.
It has been a profitable week, and that’s a good reason to lean back, relax and enjoy the weekend.
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