A profitable week is coming to an end
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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