When is the US GDP report and how could it affect EUR/USD?

US Q4 GDP Overview

Thursday's US economic docket highlights the release of final US Q4 GDP growth figures, scheduled to be published at 12:30 GMT. The economic growth in the October-December quarter is anticipated to have decelerated further to 2.4% annualized pace as against 2.6% estimated in the preliminary release.

Joseph Trevisani, FXStreet's own Analyst writes: “Fourth quarter GDP is unlikely to provide any surprise in its final revision.  The weak retail sales figures, though odd, are already incorporated into the BEA figure. Business and consumer sentiment remained buoyant throughout the quarter and such attitudes should not have produced anything unexpected in economic activity.”

Deviation impact on EUR/USD

Readers can find FX Street's proprietary deviation impact map of the event below. As observed the reaction on the pair, in case of a deviation between -0.88 to +0.68, is likely to be in the range of 27-28 pips in the first 15-minutes and could extend to 72-83 pips in the following 4-hours. 

How could it affect EUR/USD?

Ahead of the important release, Yohay Elam, Analyst at FXStreet provides important technical levels to trade the major: “Support awaits at the recent trough of 1.1243, the lowest in two weeks. Further down, 1.1220 was a stepping stone on the way up, and 1.1200 capped the pair just after it hit 1.1176, the current 2019 low. 1.1115 is next.”

“1.1275 was a swing low last week, and it is closely followed by 1.1290 that held it down on Wednesday. 1.1317 where the 200 SMA meets the price. 1.1335 was a high point late last week. Further up, 1.1360 and 1.1390 capped EUR/USD recently,” he added further.

Key Notes

   •  US Fourth Quarter GDP Final Revision: No surprise for you

   •  EUR/USD Forecast: Depressed by downtrend resistance as doom and gloom dominate

   •  EUR/USD Technical Analysis: Bearish view unchanged, still targets 2019 lows around 1.1180

About the US GDP

The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. GDP Annualized is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. Generally speaking, a high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.