Forecast: US final GDP data to show more growth

NEW YORK (Forex News Now) – The US Bureau of Economic Analysis is due on Wednesday to publish its final quarterly gross domestic product data, in the day’s major realtime forex news event.

The report is expected to show that the country’s GDP grew by an annual rate of 2.8% in the third quarter, according to online FX trading analysts, which is higher than the 2.5% reported in the preliminary figures released in October.

GDP grew by an annual rate of 1.7% in the second quarter of 2010 and by 2.7% in the first quarter.

The bureau is scheduled to release the report at 1:30 P.M., GMT; as such it should have a heavy impact on currency market trading throughout the day.

However, the release later in the day of data on existing home sales will also impact dollar trading; the data is expected to show that the annualized number of residential buildings sold in November was 4.72 million, up from 4.43 million the previous month.

According to indicator analysis, if the GDP data shows higher-than-expected economic growth, the dollar could lift toward resistance levels against all its major currency counterparts.