U.S. GDP Numbers Weighs on Dollar
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Announcement:
Federal Reserve Beige Book report for the month of May is due to be released on Wednesday, June 11, at 2:00 p.m. ET.
Description:
From the Federal Reserve’s eyes, the U.S. is comprised of 12 districts, all of which contribute to the United States Gross Domestic Product (GDP). Released eight times every year, the Beige Book is a timely report attempting to give policy makers key insights to the economic conditions within each of the districts. What makes the Beige Book unique is that the report does not take into account any actual opinion of the Federal Reserve, even though every district’s Federal Reserve compiles the individual reports. Key business leaders, economists, and other credible sources all contribute to each district’s report; thus the conditions reported generally reflect a reasonably pure snapshot of the actual economic conditions present in each district.
Trader Take:
We know the Beige Book isn’t going to be too pretty… In fact, we can anticipate language like “slowing”, “sluggish” and “inflation”. Much of the reaction to the Beige Book will depend on overall business outlook and employment conditions. Should employment show further signs of weakening, we could see the U.S. Dollar lose some ground on Wednesday. However, if the Beige Book alludes to recovery, the greenback could continue to gain ground.
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