US GDP data for the second quarter of 2019 is due to be released at 1:30pm today, and the dollar is looking strong ahead of this. The figure is forecast to come in at 1.8%. This is down from the first quarter, which came in at 3.1%.
The GDP figure could determine the possibility of a rate cut next week, and also indicate whether we’ll see a 50 basis point cut or a 25 basis point cut. A low figure could also be a sign of more rate cuts to come throughout the year.
The Federal Reserve will announce their decision on interest rates next Wednesday.
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