Global macro overview for 25/09/2015:
The third estimate of Q2 GDP will be the final reading for the US GDP. The market expects the estimate to confirm the previous reading at the level of 3.7% q/q ( 2.7% y/y). This figure or anything better than 3.7% will be strongly support the US dollar as the dovish statement from the Fed last week got the US dollar weaken slightly. Moreover, the finial reading of the University of Michigan consumer sentiment for September is also due to release today at 2pm GMT and any better number than 87.2 will be likely to support the US dollar again.
The technical picture of the US dollar index looks now more bullish than before. The market is trying to break out above the technical resistance at the level of 96.63 and if it does, then the golden trendline resistance will be put to the test as well.
The material has been provided by InstaForex Company – www.instaforex.com