GDP comes in at 1.9% for the 3Q in the advanced report
The dollar has moved higher after the better than expected US GDP for the 3Q. The growth came in at 1.9% annualized. The NY Fed GDPNow estimate was spot on this quarter at 1.9%. The Atlanta Fed model estimated growth at 1.7%. The Bloomberg GDP estimates of economists came in at 1.6%.
- The EURUSD has moved to a new session low and approaches the 100 hour moving average at 1.10999 (call it 1.1100). A move below would be more bearish.
- The USDJPY is out of its 9 pip trading range for the day (yes 9 pip). The price moved from 108.81 to a high of 108.938. Its 200 day moving average comes in at 109.027 today. Yesterday, the price moved above that moving average line but only briefly before backing off. A move above is needed to increase the bullish bias for the pair.
- The USDCHF has moved up to test its 100 hour moving average at 0.99372. A move above would be more bullish for that pair.
- The USDCAD has cracked back above its 200 hour moving average 1.3085 and trades near its high for the day at 1.3095. The high price from yesterday reached 1.3100 and backed off. The Bank of Canada is expected to keep rates unchanged at 10 AM ET.
- The AUDUSD has moved lower and trades at 0.6855 (the high for the day was up near 0.6875. The pair is approaching its 100 day moving average at 0.6847. The 200 hour moving average is not far away at 0.6846. Below that the pair’s 100 hour moving average comes in at 0.68371.
- The highs in the NZDUSD tested it’s falling 100 hour moving average (currently at 0.63588). The data sent the pair lower and away from the at MA line and is testing the days lows at 0.6344. The low from yesterday reached 0.6338 and the low for the week reached 0.6333.
Overall the dollar is higher against all the major currency pairs. US stocks initial reaction was a modest rise. The Dow is up about 30 points. The Nasdaq is up about 15 points.
US yields have moved a little higher, but just barely higher.