USD Trading Outlook (31-01-2013)
U.S. Dollar Trading (USD) in an action packed day of trading we saw risk appetite take a hit after the US GDP surprised forecasters coming in -0.1% q/y for Q4. US stocks fell sharply but the USD struggled especially against the Yen and Gold. Later we had the FOMC statement where the FED didn’t surprise offering similar guidance to the market as in December with a commitment to keep rates low until the unemployment rate dropped below 6.5%. Looking ahead, Weekly Jobless Claims forecast at 350k vs. 330k previously. Also Chicago PMI forecast at 50.5 vs. 50 previously.
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