US ADVANCED GDP Forecast: 60-Point Decline for Q4 2022
GROSS DOMESTIC PRODUCT (GDP)
The Gross Domestic Product (GDP) is the total monetary or market worth of all the finished goods and services produced within a nation’s boundaries during a given time frame. Though the GDP is calculated quarterly but in an annualized format.
There are three versions of the GDP which are released at different times; Advanced GDP, Preliminary GDP, and Final GDP. The Advanced GDP is released first and thus has the highest impact on the market. Traders and Investors are concerned about the GDP because it serves as the main indicator of the health of the economy and the widest measure of economic activity.
In contrast to a 60-point decline in the second quarter, real gross domestic product (GDP) climbed at an annual pace of 3.2% in the third quarter of 2022 which was represented by the bullish move which later created the 20 Year High as shown on the DXY chart below. The third-quarter rise was mostly due to higher exports and consumer spending, which were partially offset by a drop in housing investment.
The GDP is calculated by the United States Bureau of Economic Analysis
Looking at the DXY daily chart, the USD has broken the 200 Day MA and retested both the MA and the previous support level at 105.
The question remains the same for traders and investors alike. With the forecast of a 60-point decline,
Will the support level at 101 hold in confluence with the RSI approaching the Over Sold level, as the price is also forming a descending channel?
Note: If the release of the actual GDP figure is greater than the forecast, it is good for the US Dollar.
Now reach out to your ACT Trading platform and mark up your most preferred USD-related pairs, and FUND your trading account, as you position yourself to capitalize on the GDP release. And you are not alone, our trading experts will be hosting a LIVE trading session to trade the news with you.
USD-related assets to consider: EURUSD, GBPUSD, XAUUSD, USDJPY, USDCAD, USDCHF, AUDUSD, NZDUSD, US30, US100, USOIL, USOil, Facebook, Amazon, Tesla, etc.
Schedule for The US GDP release: Thursday 26th January 2023. 2:30 pm (GMT + 1)
Schedule for the LIVE Trading session: Thursday 26th January 2023. 2:00 pm (GMT + 1)
Author: A.A. James
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