U.S. GDP in focus-expected positive

Today is one of the most important days of U.S. market. FED chair Yellen will be testify on the economic outlook and recent monetary policy actions (22.00 p.m.) in the United State of America. However, this may not affect greenback and New York market in short term as much as the third quarter GDP at 20.30 p.m. because it forecasted higher. In my opinion, early morning today U.S. dollar may hold steady and move sideways up waiting for releasing GDP. If U.S. GDP is higher than 3.2%, dollar and stock market may rise up. But if it is lower than expected, it may give negative for dollar. In my point of view, there is the possibility to reach target at 3.2% but the third quarter maybe hard to edge higher because of the hurricanes in September.
Moreover, pending home sales in USA predicted higher and it may give positive for dollar. According to other released indexes of U.S. properties in October were better than expectation; I think pending home sales today also may edge higher than 1.0%. While crude oil inventories in USA may reduce 3 million barrels and oil price may increase. In contrast, I think oil stock maybe higher than expected as the rig count was more than last time.
In my opinion, today World markets may work actively and the most major markets in Asia may move sideways up waiting for U.S. GDP. SET may get back above 1700 points and Thai baht maybe softer a little bit to 32.85-33.00 per dollar. I suggest to keep eyes on CPI in Germany at 20.00 p.m. and Head of BoE speech at 21.00 p.m. I think Germany economy is growing well but investors still focus on its politic while England needs to solve Brexit and inflation issues.
On Bithumb – the price of bitcoin is trading above 10,979,500 KRW ($10,108) at several South Korea-based bitcoin exchanges, market data reveals. By contrast, the majority of the world's bitcoin exchanges are seeing prices 9,500$ - 9,700$. In my opinion, if bitcoin can break 9750 points, it can reach a new all-time high. If it falls lower than 9000 points, it may reverse trend. Ehtereum still hold steady. It may rise up more, if it can close higher 480$ (1day timeframe). Today it may keep moving between 440$-480$.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade

Olymp Trade Review