The talk about the US is all about economic growth, employment, consumption, so GDP will be a data that will be eagerly looked at and will potentially be volatile.
I decided to do my spread trade going into the announcement: –
GBPUSD – Stop if Bid at 1.5410, Spot at 1.5380, Stop if Offered at 1.5250. SL at 1.5380 for both trades
EURUSD – Stop if Bid at 1.1050, Spot at 1.1026, Stop if Offered at 1.0990. SL at 1.1026 for both trades
The Advance GDP came out very badly into negative territory and the previous month was revised downwards from 2.6% to 2.2%.
The USD got killed, I wished more, but the market move sufficiently.
I squared the EURUSD at 1.1165 for a trading profit of 115 bps
I squared the GBPUSD at 1.5478 for a trading profit of 68bps.
Not bad for a Wednesday night, thank you United States of America.
The Panthenon Investment Group 