- April 27, 2018
- Posted by: Joey Benedid
- Category: Market News
To cap off a busy week, we head into the North American trading session with US Q1 GDP at 8:30 with expectations of a slowdown to 2% growth after last quarter’s 2.9%. The BOJ held rates at -0.10% as expected and German unemployment numbers failed to impress with Unemployment Change falling short of expectations and Unemployment Claims meeting expectations. British GDP missed by 0.2% leading to a slight hit on the pound against USD. In the geopolitical headlines, North and South Korean leaders met yesterday to discuss denuclearization of the Korean Peninsula and to officially end the war between the two neighboring nations. While this is good news, a summit between Trump and Kim would be a much larger event for markets.
USD continues to climb as 10-year treasuries continue to flirt with the 3% mark. Short term support and resistance falls at 1.2820 and 1.2900 respectively, with 1.2950 being the next resistance level. RSI continues to sit neutral at 53 and the 200-day moving average is still dragging in the 1.26’s.