Forex News: Higher Than Expected US GDP Data in the 4th Week of March 2024

In the fast-paced world of forex trading, staying ahead of the curve is not just an advantage but a necessity. Every twist and turn in the global economic landscape can send ripples through the currency markets, making real-time information a trader’s most valuable asset. In this ever-changing environment, being well-versed in the latest forex news isn’t just about staying informed; it’s about making informed decisions that can significantly impact your trades.

According to Daily Forex, here are a few insights and potential trends to keep an eye on in the forex market. 

Impact of US GDP Data on the Forex Market

The release of slightly higher-than-expected US GDP data had a notable impact on the Forex market during the past week. This data indicated a stronger performance of the US economy than initially anticipated, leading to a minor strengthening of the US Dollar against other major currencies. The USD/JPY currency pair particularly experienced increased trading activity, briefly reaching a new 34-year high just below ¥152. This movement reflected market reactions to the perceived economic strength of the United States and its currency’s performance against the Japanese Yen.

Low Volatility in the Forex Market

Last week, the Forex market continued its trend of minimal directional volatility, which has been a characteristic since the beginning of 2024. This low volatility environment signifies a lack of significant price movements and fluctuations among major currency pairs and crosses. Traders and investors observed a relatively calm and stable Forex market during this period, with limited opportunities for significant gains or losses based on market movements.

Last Week’s Data Releases

  • Fed Chair Powell and FOMC Member Waller Spoke on Monetary Policy: There were no unexpected statements or changes in monetary policy during the speeches by Fed Chair Powell and FOMC Member Waller. The market remained stable in response to their remarks.
  • US Core PCE Price Index: Reported a month-on-month increase of 0.3%, meeting expectations. This indicator is closely monitored as a measure of inflationary pressures.
  • US Final GDP: Exceeded expectations, indicating a robust annualized growth rate of 3.4%. This positive economic data contributed to market optimism.
  • US CB Consumer Confidence: Came in slightly below expectations. This suggests a cautious sentiment among consumers regarding their willingness to spend.
  • Australian CPI: Showed a weaker-than-expected reading of 3.4%, leading to a decline in the value of the Australian Dollar as investors adjusted their positions based on the economic data.
  • Canadian GDP: Exhibited stronger-than-anticipated growth, with a monthly increase of 0.6%. This positive economic performance was well-received by the market.
  • US Unemployment Claims: In line with expectations, indicating stability in the labor market.
  • US Pending Home Sales: Pending home sales in the US surpassed expectations slightly, indicating continued strength in the housing market.
  • US Revised UoM Consumer Sentiment: Slightly stronger readings than anticipated, reflecting improved consumer confidence levels.


The news presented on Prime Codex is solely those of the analysts quoted. They do not represent the opinions of Prime Codex on whether to buy, sell, or hold specific pairs. Traders are advised to conduct their independent research before making an investment decision.

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