The USD rally continues as data validates a December rate hike

The USD rally continues as data validates a December rate hike

The first of three releases of U.S. third quarter gross domestic product (GDP) data will be published on Friday, October 28 at 8:30 am EDT. The advanced GDP is reported 30 days after the end of the quarter. The change in value of the goods and services produced by the U.S. in the third quarter is forecasted to be around 2.5% and signal a turnaround after a slow start to the year.

The USD was higher across the board against majors on Thursday as U.S. economic data has been mixed but expected to finish the week on a high note with he release of GDP data on Friday. The CME's FedWatch tool shows a 90.7 probability that the rate will be unchanged in the November 2, Federal Open Market Committee (FOMC) meeting but the Fed futures prices show a 71.4 percent probability of a rate hike in December 14.

Next week's FOMC meeting will be a subdued affair as the Fed will try to minimize any political bias ahead of the U.S. presidential elections on November 8.


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