US Economic Past Looks Worse, Present Seems Optimistic

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US Q3 GDP was revised to the downside in the second revision, which is officially the final one – the US economy grew by only 1.8% (annualized) in Q3. Expectations stood on no revision, with growth at 2%. The first print was significantly higher than the last. It then stood on 2.5%.

The upside is another drop in weekly jobless claims – to 364K. This is the lowest figure in 3.5 years. The drop in unemployment is very gradually taking hold. The dollar is stronger after the publications.

Last week’s number, which was the former best figure since early 2008, was revised very marginally to the upside: from 366K to 368K.

The Core PCE Price Index ticked up to 2.1%. There are a few more US indicators on the calendar, with the revised consumer sentiment being the most notable one. The figure by UoM is expected to be revised to the upside.

The dollar is a bit stronger against other currencies, but these moves are quite minimal. EUR/USDi  at 1.3040, within the 1.30 – 1.3060 range. Stronger resistance is at 1.3145 and very strong support lies at 1.2945.

For more on the common currency, see the euro/dollar forecast.

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About Author

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 the 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.

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