NEW YORK - U.S. economic growth is expected to slow more sharply in the coming months than previously forecast with employers shedding staff into next year, according to a Philadelphia Federal Reserve survey released on Tuesday.
Economists lowered their forecasts for third-quarter gross domestic product growth to a 1.2 percent annual rate from the previous 1.7 percent estimate, according to the bank's quarterly Survey of Professional Forecasters.
In the fourth quarter, the U.S. GDP growth forecast was slashed to 0.7 percent growth, from the previous 1.8 percent forecast.
U.S. GDP grew 1.9 percent in the second quarter, according to a first estimate from the government. The Fed's survey in May had pegged that quarter's growth at 0.2 percent.
The current survey also forecast the U.S. unemployment rate would be 5.7 percent in the third quarter, above its previous 5.4 percent forecast, then rising to 5.8 percent in the fourth quarter.
----------------------------------------------------------------------------------------------My conclusion:
It only tell me 1 thing, US economy is still heading towards the DOWN side.
Although, very much i tried tying economy and trading side by side, i realize in these
weeks that this 2 does not really have any impact on the rise and falls of FOREX.
Its impact is very very superficial if not momentarily.
Next thing i was checking my last week performance on my game was a conclusion.
I always suggest a BUY or a SELL of a major pair. BUT I NEVER QUOTE A PRICE TO IT. BUY TILL WHICH PRICE before i should close position. SELL to which price before i close position ??...
OK, from now i will always include the following sign-off.
MY CALL,
EUR/USD buy 1.4896 close position 1.4900
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