The economic data affects the currency of that country. In fact the economic data and the price of USD are linked together. The recently revealed economic data about the US economy highlights the path of the value of USD. The US data shows a mixed state of the US economy. Different sectors of the US economy are facing different scenarios. The data exposes a rise in the jobless claims while on the other hand we can witness that the data about the durable goods is better than the previous report. At the same time, the figures about the trade are not satisfying. Similarly we cannot ignore the impact of the second wave of virus on the economy as well. The inventory levels are depressing which affect the production of factories.
Economic data and upcoming meetings:
Traders are waiting for the minutes of FMOC to determine their further plan. The minutes of FMOC are going to severely affect the price of USD. Similarly the significant meeting of 16th Dec is also going to play a vital role in deciding the future value of USD. Thus traders are keeping a watch on any significant news in this regard. At the same time, if the payroll release of the coming week reflects negative figures then the situation for USD will not be attractive. The price of USD will eventually face a fall with the negative non-farm payroll report. The economic data and upcoming meetings will show a negative impact on USD.
The price of USD and GBP:
In Forex trading, the value of a currency also affects the price of the other currency in its pair as the traders trade the currencies in pairs in Forex trading. Thus USD also gets influenced by the price of its paired currencies. The pair of GBP and USD is a prominent pair of trading. The price of GBP is rising due to its strong economic condition. Therefore the price of USD is going to suffer with the increase in the price of GBP.