Overnight the US Final GDP was better than expected at 1.1%, expected at 1%. This added to the renewed buying last night.
The US Consumer confidence came out better than expected at 98, relative to what was expected at 93.2. Again, more good news on the data front out of the US.
We had the EU Economic conference underway. Mario Draghi saw the Brexit vote cutting the EU GDP by up to 0.5% and that is not a good thing to hear.
Draghi also mentioned the budget policy in Europe was looking for more growth orientated, which is better news on the horizon.
There is no real shocks coming out of member states, and other nations looking to have referendum’s, which is good news and we should hear more out of the EU summit in the next day.
As we discussed yesterday we were looking for a bit of a rebound and we saw that in spades yesterday.
Started in the Asian session and it continued last night across the US markets, bouncing back strongly.
Joseph Jeffriess, Currency Analyst at GO Markets, commented “Some pretty incredibly buying going on with the US markets bouncing back strongly, along with the UK markets. We saw the Aussie 200 also having an amazing day in the overnight session, rising 110 points higher at 5170 and now sitting on the 38% level when looking at the Fibonacci levels.”
GO Markets was founded in 2006 in Melbourne, Australia and is one of Australia’s premier MT4 Forex Brokers, offering Forex and CFD trading as well as Binary Options trading, via MT4, to individuals and institutional clients.
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