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Forex pairs in this Article » EUR/USD, USD/JPY
FXstreet.com (Córdoba) - Coming up next, the US will release the first estimation of the Q2 Gross Domestic Product with important methodological adjustments to include R&D and copyrights as investment, which analysts expect will boost the overall size of the US economy by about 3%.

“The release of the advanced GDP with the new additions will likely see a short term boost in greenback, yet stating that is enough to change the economic outlook seems a bit too ambitious at the time being”, says Valeria Bednarik, chief analyst at FXstreet.com.

“Having FOMC meeting later on the day does not make things easier, but consider a reading above 2.0% should be enough to see dollar advancing, particularly against the yen”, Bednarik comments. “A number below expected, will see a stronger greenback slide across the board, as we are all reasoning that such change is not being implemented for worse, but to produce more encouraging data”.

Ahead of the GDP release, USD/JPY is trading at the 97.70 area, having bounced slightly from a 1-month low of 97.57. A break below this latter would expose the 97.20 support area and the 97.00 psychological level. On the other hand, immediate resistance stands around 98.15 (daily high) followed by the 100-day SMA around 98.47.
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