Here are the key factors to keep in mind today for Gold trades:

Japanese GDP: Traders received the revised GDP report for the first-quarter today and it came in much better than the original report. Economists expected a quarterly upward revision to 0.7% and an annualized upward revision to 2.8%. The original report showed a quarterly increase of 0.6% and an annualized increase of 2.4%. Today’s GDP report showed an upward revision to a quarterly expansion in the GDP of 1.0% and annualized growth rate of 3.9%. Private consumption remained unchanged at 0.4%, but business grew more confident about the economic prospects and business spending was revised upward to 2.7%. Economists expected an upward revision to 2.1% from the previously reported 0.4%.

Japanese Trade Balance and Current Account Balance: Japan reported an unexpected trade deficit of ¥146.2 billion for April while the current account surplus dropped over 50% to ¥1,326.4 billion. Economists expected a trade surplus of ¥153.0 billion and a current account surplus of ¥1,687.4 billion. Forex traders can compare this to the trade surplus of ¥671.4 billion reported in March and the current account surplus of ¥2,795.3 billion.

Japanese Eco Watchers Survey: The Japanese economy is showing a mixed performance which is being reflected in the release of today’s Eco Watchers Survey. The Current Index was reported at 53.3 while the Outlook Index came in at 54.5. Economists expected the Current Index to rise to 54.0 from April’s 53.6 while the Outlook Index was expected to decrease to 54.0 from April’s 54.2.

Chinese Trade Balance: The Chinese trade surplus soared to $59.49 billion in May which came in well above estimates which called for a trade surplus of $44.80 billion. Forex traders can compare this to April’s trade surplus of $34.13 billion. Annualized exports dropped 2.5% in May while imports slumped by 17.6%. Economists expected exports to decrease by 4.4% and imports to plunge by 10.0%. This compares to April’s contraction in exports of 6.4% and drop in imports of 16.2%.

German Trade Balance: Germany reported a bigger than expected trade surplus of €22.1 billion in April. Economists expected a trade surplus of €19.4 billion, but April’s better-than-expected- surplus remains below the upward revised surplus of €23.1 billion reported in March.

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.