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USD: Will central bank rhetoric impact dollar markets today?

By Smart Currency September 29th, 2016

It was seen as a mixed day for US data, with the US dollar remaining fairly range bound. Durable Goods Order figures showed a static figure, but this was better than the expected contraction on the previous month’s data. The core data release (excluding transportation items), however, did show the contraction that forecasters were expecting. US Federal Reserve Chair Yellen testified before the Committee on Financial Services yesterday, but failed to touch upon monetary policy or economic outlook, however, she did show some concerns regarding US economy growth.

Final Gross Domestic Product (GDP) figures are the main release today to look out for. GDP data is a measure of growth in the economy and is expected to improve on the previous revision. Weekly unemployment claims data is also due out today – another stable figure is expected, whilst Federal Reserve Chair Yellen is due to speak once again, as well as Federal member Powell.