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

US Q1 GDP Overview

Thursday's US economic docket highlights the release of revised US Q1 GDP growth figures, scheduled to be published at 12:30 GMT. The second estimate is anticipated to show that the economic growth in the January-March quarter stood at 3.1% annualized pace as against the advance estimate of 3.2%.

However, Joseph Trevisani, FXStreet's own Analyst notes: “Given the depressed consumer sentiment numbers in the first quarter, the already declining business confidence figures, and the negative revisions to the March durable goods orders the risk is for a lower than expected GDP result.”

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 +0.68 to -0.82, is likely to be in the range of 20-34 pips in the first 15-minutes and could extend to 45-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: “Critical support awaits at 1.1107 which is the confluence of the Pivot Point one-month Support 1, last week's low, last month's low, and the 2019 low. Below this level, EUR/USD only has weak support at 1.1071 where two pivot points meet: the one-day S3 and the one-week S2. In a fast move, EUR/USD could fall all the way to 1.1002 where the Pivot Point one-month S2 awaits.” 

“Looking up, resistance awaits at 1.1176 which is a dense cluster including the SMA 50-4h, the SMA 10-1d, the Fibonacci 38.2% one-week, the SMA 20-4h, and more. Further resistance awaits at 1.1210 where we see the PP 1d-R3, the previous weekly high and the previous yearly low converge,” he added further.

Key Notes

   •  US First Quarter GDP Revision Preview: The dollar wins

   •  EUR/USD Forecast: At the edge of the precipice on double trade trouble, ahead of US GDP

   •  EUR/USD Technical Analysis: Bearish view persists below 1.1256

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.