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US GDP revised to 2.1% – EUR/USD approaches strong

Slightly better than expected GDP read for the US: 2.1%. Personal consumption  has also received an upgrade from 3% to 3.5%. The “New Normal” of a growth rate that is close to 2% continues. Core PCE Prices are now 1.3%, also slightly above expectations.

Jobless claims continued disappointing with 258K. The four-week moving average is now up from around 246K to 254K and this could develop into a worrying trend.

The dollar is a bit higher against the yen, less so against others. EUR/USD is approaching support at 1.0720. USD/JPY is up to 111.30 but remain shy of the former triple bottom of 111.60.

The final of US GDP was expected to show an annualized growth rate of 2%, a tick up from 1.9% reported in the first two estimates.

The US dollar was mixed ahead of the publication: gaining ground against the euro (see 5 reasons for the EUR/USD slide) and losing territory to the pound. It was stable against the yen and also vs. commodity currencies).

Other data: The GDP deflator was expected to remain unchanged at 2% and Core PCE prices to remain at 1.2%. In a separate release, jobless claims were predicted to drop from 261K to 248K.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.