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US Economy Grew Faster in Q2: 1.7%

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Gross Domestic Product grew at an annual pace of 1.7% in the second quarter of 2012 according to the first revision of GDP for Q2. The initial estimate was 1.5% and the consensus was for a revision to 1.7%.

EUR/USD was trading steadily at around 1.2550 and is now ticking higher after an initial drop. USD/JPY traded around 78.60 prior to the publication and is now rising after a muted initial reaction. GBP/USD is now on the rise.

The GDP price index remained unchanged at 1.6%, as expected.

Later on, US pending home sales are expected to rise by 1.1%. Update: Pending home sales exceeded expectations and rose by 2.4% – another positive sign for the housing sector.

Markets are generally tense towards Ben Bernanke’s speech on Friday at Jackson Hole.

All in all, the US economy continues growing at a slow pace: probably not enough for QE3. Some participants expect Bernanke to hint about QE3, but there are many reasons why he may disappoint.

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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.

15 Comments

  1. Pingback: US Pending Home Sales Rise 2.4%, Better Than Expected | Forex Crunch

  2. Jeff on

    just another reason why QE3 is less likely, why waste money when money is taking care of itself right now?

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