Daily Alert – Thursday 27th April 2023: US GDP comes in very low

Mark NugentApril 2023, Daily Alert

Daily Alert – Thursday 27th April 2023: US GDP comes in very low

Good afternoon.

Hi, it’s Mark here. This week’s content will be text-based.

What’s Happening?

Yesterday’s risk sentiment was indecisive although equities fell for the second day.
Today is a bit rosier, with US annualised GDP missing, coming in at 1.1% vs an expectation of 2.0%. This has boosted equities as you would imagine. Will this and the run on First Republic Bank make the Fed pause at their next meeting? Probably not. The run on the bank seems limited and it was recently aided by other banks to the tune of USD30 billion. It seems that the regulator’s view is that those that aided the bank will do so again, to avoid losing what they have already put in.

Media

Nothing to bother us.

Trades update

Looking at the weekly candle, both the EUR and GBP are up (as per my bias). Unfortunately, the USD and the JPY are also up, albeit very slightly. So, the four pairs comprised of EUR and GBP paired with USD and JPY, on the weekly chart, have moved in the right direction, but not in a tradable manner. The moves are just too small, and a bit choppy. That’s the way it goes sometimes.
I see oil taking another leg down. I am interested in going long when it rebounds.

Looking ahead

There’s a lot of GDP data from Germany and the Euro zone tomorrow.

I’ll be back tomorrow with a brief video of last week’s trade.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE