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US GDP revised to 2.1% – within expectations

Within expectations: GDP growth was upgraded to 2.1%, within expectations. Personal consumption is down to 3% instead of 3.2%

Currency markets are stable.

The second estimate of US GDP was expected to show stronger growth of 2% annualized after originally reporting only 1.5% in the first estimate. This is based on a an assessment related to inventories: their drag on the economy was expected to be lighter than had been estimated originally. — more coming —

Towards the release, the US dollar was  weaker against most currencies,  except the pound. Live coverage:

Data

  • US GDP growth was expected to show a revision from 1.5% to 2% Actual 2.1%.
  • The goods trade balance carried expectations for a deficit of $61.8 billion. Actual -58.4 billion.

Currencies

No significant changes are recorded:

  • EUR/USD traded at 1.0650 after  a strong German number.
  • GBP/USD was hit hard by doubts cast by Carney and co, trading around 1.5075.
  • USD/JPY was at 122.54, partially down on safe haven flows related to the Turkish downing of a Russian plane.
  • USD/CAD traded around 1.3355 on recovering oil prices.
  • AUD/USD was around 0.7210. RBA governor Stevens offered nothing new.
  • NZD/USD was stable around 0.6510.

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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.