It is going to be a huge 24 hours with the release of the advance estimate of US Q2 GDP and the FOMC decision. Looking first at the GDP – which is going to a monster number for the Euro – the market is expecting an annualised outcome of a massive 3% for Q2 according to the FX Street economic calender. There is a lot of implied give back from the weakness in Q1 in that expectation of a 3% growth rate. So there is a risk to Euro shorts and US dollar bulls. Euro is either going to find support here at the 200 week moving average – or break wide open. In terms of the FOMC the taper will continue but the expectations of ... (full story)