Today, Wednesday 29th August we get the US Gross Domestic Product (GDP) and also the Personal Consumption Expenditure Prices data. The latter of particularly significance as it is seen as a preferred measure for inflation pressures by the US Federal Reserve and FOMC.
With the S&P 500 recently making a new record high above the early 2018 peak (from January), generally markets are in a bullish, “risk on” stage.
This leaves the technical bias for further equity market gains, aiming the S&P 500 higher.
Also, this would point to a higher threat for USDJPY and likely lower US Treasury prices, which equals higher yields.
See the full article here: https://www.fxexplained.co.uk/forex-articles/current-market-analysis/risk-on-theme-into-todays-us-gdp-and-personal-consumption-data/