The US GDP data for Q2 to be Released

The US GDP data for Q2 to be Released

Much anticipated data about the release of the US GDP for the second quarter will be made on Thursday at 12:30 GMT. All eyes will be on this announcement made by the Bureau of Economic Analysis, especially those trading in the US dollar quotes and analysts dealing with the currency. The estimated figure of the indicator is 1.6%. Financial experts are also of the view that the economy of the country is most likely to show resilience.

 If there is an increase in the GDP value, it will have positive effects on the currency. Henceforth, the market participants who are trading in the US dollar quotes are advised to be vigilant and make appropriate market decisions, as the significant release will make an impact on the market.

Announcement of Pending Home Sales

The market participants who are associated with the housing sector of the market and those trading in the US dollar quotes are advised to be alert during the release of Pending Home Sales on Thursday at 14:00 GMT. The data that shows the number of home sales contracts signed in April as compared to March will be disclosed by the National Association of Realtors. The estimated increase in the readings of the indicator is 0.8%. Furthermore, a favourable impact will be felt on the value of the US dollar quotes when there is a hike in the readings of Pending Home Sales.

EIA Crude Oil Stocks Change to be Declared Today

The US Energy Information Administration will be announcing the EIA Crude Oil Stocks Change on Thursday at 14:30 GMT and is estimated to have a decline of 0.650 million. However, when the indicator that determines the number of barrels of commercial crude oil stocked by US companies was released on 22nd May 2024 at 14:30 GMT, it had an increase of 1.825 million. And now if there is a rise in the readings of the indicator, it will have a negative impact on the oil barrel price. Therefore, the market participants who are trading in the American currency and those related to the energy sector of the market are recommended to be vigilant and make a note of the changes in the readings of the indicator.