All Eyes Will Be On US GDP Number And G20 Meeting

All Eyes Will Be On US GDP Number And G20 Meeting

The US Dollar traded lower after the Fed Rate Decision last week. The Federal Reserve kept interest rates unchanged Wednesday but signaled it was ready to lower interest rates to combat growing global and domestic risks.

At his press conference, Federal Reserve Chairman Jerome Powell conceded there were some significant changes to the Fed's policy statement but suggested that the central bank was in no rush to cut rates.

In the upcoming week, investors will get updated figures on U.S. first-quarter GDP growth on Thursday. Gross domestic product is expected to come at 3.1%, the same as the previous number. 

Moreover, we will pay attention to the G20 Meeting. The two-day summit gets underway on Friday. Last week, Trump announced that he would hold an “extended meeting” with Xi on the sidelines of the G20 summit in Japan. 

In the Eurozone, the CPI inflation figures will also be published on Friday. The consensus forecast is that the report will show consumer prices rise 1.2% in May, remaining short of the European Central Bank's target of below 2%.