Forex Traders await Key U.S. GDP Data
The U.S. Dollar is slightly better against a basket of currencies this morning after trading in a tight and narrow range overnight. Trading action was subdued as investors await this morning’s key U.S. GDP data. The Dollar is trading higher versus the Euro, Yen and Aussie Dollar while weakening against the British Pound, Swiss Franc, Canadian and New Zealand Dollars. In addition to the GDP report, traders will also get the chance to react to the Employment Cost Index, Chicago PMI and Consumer Sentiment.
The Employment Cost Index is a measure of total employee compensation costs, including wages and salaries as well as benefits. Since the U.S. economy has become so sensitive to jobs related data, this report may carry some additional weight today. Last month’s report showed a rise in the index of 0.4%. This month, the range of this report is projected at 0.4% to 1.5% with the consensus at 0.4. Traders expect to see that continued high employment and salary freezes have kept employment costs soft.
The Chicago PMI is usually a market mover. This report is a survey of business conditions in the Chicago area. It contains data on both manufacturing and non-manufacturing companies. This index rose sharply in December indicating a pick-up in activity. In fact, the survey showed that Chicago business activity has been very robust; accelerating for three consecutive months. Last month’s report showed the index at 60, but the consensus is calling for 57 this time inside the range of 55 to 60. Traders will want to see if the momentum of the past three months continues or weakens.
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