The US economy grew faster than initially expected for the third quarter. Data issued yesterday shows that the US economy has grown at annualized pace of 3.3% during the previous quarter. The stronger data has helped support for the USD that has managed to shrug off a 3-week sell off. So far this week the USD is in the positive, however may be too soon to call it a day as we look on to the US senate vote later this week. The vote is with regards to the much awaited tax bill.
The British Pound continues to enjoy support on the back of news that the UK and the EU may have finally reached a deal with regards to the Brexit divorce.
GBPUSD has already reached highs of 1.3479 this morning, given that the currency pair has already gained a total of 70 pips on top of today’s opening it looks like the premature rise in today’s TraderTip Scenario may have materilased. Given the substantial move already this morning it is highly likely that second daily resistance at 1.3508 is our next daily target.
Earlier this morning chinese non-manufacturing PMI for November was out at 51.8, stronger than expected and the previous data.
The data expected to have highest impact from today’s economic docket is Swiss GDP, German & EZ Unemployment and EZ CPI. Later this afternoon we also have US PCE for October.
