Dollar in anticipation of the Fed and the GDP: the weekly forecast

Last week was quite positive for the US dollar: USD index at auction on Thursday close to the mark of 100 points. The risk sentiment jumped after dovish comments by ECB President Mario Draghi. As a result, the dollar strengthened against the euro, yen and Swiss franc. In pairs, with commodity currencies, on the other hand, there is a tendency to decline in the dollar. I think on Monday it will be clear whether it is possible to speak about the end of the January sales or just a correction.

The economic calendar for the new week could be called rich. On Wednesday, 27 January, a meeting of the Federal Reserve. Raising rates at this meeting, it is unlikely a press conference on its results as planned. We look closely at the statement by the regulator of the monetary policy: Do prevent the increased external risks the Fed's plans for monetary policy normalization?

US GDP for the IV quarter will be published on Friday. According to the revised data, in block III the US economy increased by 2%. Economists have warned of a possible slowdown in the last quarter of the year. In particular, sound predictions about the growth of 0.5%. In support of this view say, in particular, weak retail sales for December.

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