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The market focus is upon US GDP data and Paul’s speech

On Wednesday, US dollar growth slowed due to technical factors. The dollar index came close to the annual maximum and marked the  session highs around 97.45 points. Despite the local technical weakness of the dollar, in the FOREX market the main currencies remain weak against the dollar. In general, there is a certain lull in the foreign exchange market before the start of an important political event of the G20 summit in Argentina. We also note signs of USD dollar overbought, which allows us to expect another local correction of the dollar if the dollar fails to overcome the annual maximum of 97.55.

European currency continues to trade close to the level 1.1290-1.1300. Trump's statements about the possible introduction of duties on cars from Europe, as well as the internal political risks in the EU, significantly reduce investor interest in the euro. As an additional pressure factor, we can highlight the ECB’s plans announced last week for revising target forecasts for economic growth at the December meeting of the regulator.

Today, the focus of investors will continue to be on the US dollar, which will have to endure the test of important statistical data. Before the beginning of Wall-Street start in the United States there will be presented data on GDP for the third quarter, as well as statistics on the trade balance. There will also be published the latest data on sales in the housing market. However, according to many experts, the central event of the day should be the speech of Fed Chairman Powell at an event in New York.

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