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This Friday the US Bureau of Economic Analysis will be releasing its forecasts for the US GDP data for the first quarter of 2019. The Advance Quarterly Gross Domestic Product report is preceding the release of the preliminary and then the actual data reports of the US economy’s growth rate, and for that reason, these early estimations usually tend to miss out on the final data (to be released later on), but they also cause substantial volatility outbursts.
The price action of the US Dollar Index has recently reached a significant resistance level of 97.71, the strength of which has already been confirmed on several occasions in the past. For that reason, the release of the Advance GDP data can be expected to trigger a lot of volatility, which can cause the price to break above the resistance level, if the report meets the forecast for 2.2%, or bounce back from that level in a negative downswing in the eventuality that the report misses those initial estimations.
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