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Uncle Sam is printing a second GDP estimate this week!

Will it matter to forex traders?

Check out the potential catalysts you should keep an eye on.

Second GDP reading (May 28, 12:30 pm GMT)

Domestic releases that might cause intraday trends

  • CB consumer confidence (May 26, 2:00 pm GMT) to tick higher from 86.9 to 88.0 in May
  • Weekly unemployment claims (May 28, 12:30 pm GMT) might add another 2.1 million new claimants this week
  • Durable goods orders (May 28, 12:30 pm GMT) seen at -18.0 from -14.7 in March
  • Core durable goods orders could plummet from -0.4 to -15.0 in April
  • Pending home sales (May 28, 2:00 pm GMT) could see 15% drop after 20.8% crash in March
  • Chicago PMI (May 29, 1:45 pm GMT) PMI to improve from 35.4 to 40.0?

Powell’s speech (May 29, 3:00 pm GMT)

  • Fed Chairman Powell will talk economic policies in a virtual panel discussion
  • Talks of a negative interest rate could weigh on the dollar
  • Keep your eyes peeled for hints of further monetary or fiscal stimulus

Technical snapshot

  • Stochastic is flagging USD’s “oversold” conditions against NZD
  • The dollar could soon reach “overbought” territory against the yen
USD Forex Pairs Stochastic from MarketMilk
USD Forex Pairs Stochastic from MarketMilk
  • 50 and 200 SMAs are pointing at the dollar’s weakening uptrends against the comdolls
  • USD continues to be bullish against GBP and EUR
USD Forex Pairs SMAs from MarketMilk
USD Forex Pairs SMAs from MarketMilk
  • The dollar was most volatile against the comdolls AND the euro in the last seven days
USD Forex Pairs Volatility from MarketMilk
USD Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read USD’s price recap for May 18 – 22!