US GDP beats the optimistic expectations with 3.2% annualized growth in Q1. The US Dollar is on the rise
— more to come
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The US was expected to report an annualized growth rate of 2.1% in the first release of GDP for the first quarter of 2019. The largest economy in the world is looking better than other economies.
Real expectations were probably higher. The latest Durable Goods Orders came out well above the early forecasts, raising the projections. In addition, the Atlanta Fed’s GDP forecast stood at 2.7% in the latest read.
The US Dollar was consolidating its gains ahead of the publication, with EUR/USD trading around 1.1130. The 2019 low was 1.1118 and resistance is seen at 1.1176, the previous yearly trough. GBP/USD was trading around 1.2900, around the two-month lows.