Summary:
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Bureau of Economic Analysis to release a revised US GDP print
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The US pending home sales should rise moderately
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Market consensus suggests DOE will report minor drop in oil inventories
Taking a look at the Wednesday’s macroeconomic calendar one can see that not many readings have been scheduled for today, especially the important ones. However, this may be a good chance to catch a breath ahead of data-intense tomorrow. Among readings in the spotlight today one can find the US GDP revision as well as pending home sales data. As usual, DOE will release its weekly report on oil inventories in the afternoon and investors will follow it to see whether it confirms minor build signalled by API or not.
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Create account Try a demo Download mobile app Download mobile app1:30 pm BST - US, GDP for Q2. The initial GDP reading suggested that the US economy grew at the pace of 4.1% QoQ in Q2 2018. Bureau of Economic Analysis will release the first revision of this data today and it is expected to be downward revision to 4% QoQ. While trying to assess the state of the US economy investors should keep in mind that the latest readings from the United States were mostly weaker-than-expected. This of course will not be reflected in the GDP revision as it is quite a new trend that surfaced just recently but the pending home sales data scheduled at 3:00 pm BST (an increase of 0.3% MoM is expected) may rise concerns should it disappoint market participants.
3:30 pm BST - US, Crude Oil Inventories. Yesterday’s API reading showed a minor build in the oil inventories. Oil prices moved lower in the aftermath as a moderate drop was expected. Today’s DOE report is forecasted to show a slight drop of 0.5 mb. Other petroleum products stocks are expected to rise but the scale should be smaller than in the previous week. It should be noted that Brent futures with longer maturity dates rose yesterday what is said to be a result of rising concerns over the Iranian crude exports. Having said that, investors may want to analyze incoming data and news stream to see how severe impact of the US sanctions is.
EURUSD reversed after reaching the resistance zone that served as an upper limit of the consolidation range throughout most of the summer period. Source: xStation5
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