27.08.201510:59 Forex Analysis & Reviews: Global macro overview for 27/08/2015

Global macro overview for 27/08/2015:

July's better-than-expected durable good orders unveiled yesterday (2.0%m/m vs. -0.4%m/m, -4.1%m/m prior) together with core durable orders (0.6%m/m vs. 0.3%m/m, 1%m/m prior) made the US markets to rebound quite sharply to the upside after the recent large losses. Moreover, yesterday's Fed's Dudley remarks that its interest rate hike in September looks less compelling than few weeks ago was viewed by markets as good news with a potential more optimistic outlook for the US economy. Well, it all might depend on today's US second GDP release for the second quarter (scheduled at 12:30 GMT), which is expected to be better than the previous one: 3.2% q/q vs. 2.3%q/q, with personal consumption rise to the level of 3.1% from 2.9% a quarter ago.

Nevertheless, the technical picture still does not look too good as the SPY index (S&P500 ETF) keeps trading inside the weekly bearish zone between the levels of 197.80 and 181.30. Encouraging data from the US might make bulls to aim for higher highs and even bridge a gap between the levels of 197.43 and 195.81.