The annualized rate of US GDP growth was revised down to 2.2%, somewhat better than 2% expected but of course lower than 2.6% initially reported.
The dollar ticked up by just a bit.
Within the various components, inventories took the hardest hit. This is actually a positive sign. Why? Because if inventories are depleted, they need to be replenished. Nevertheless, the changes are not huge and the data is not that new: it is data from a quarter that ended two months ago. Since then we have updated data.
In the second estimate of US GDP growth for Q4 2014, estimates stood on a downwards revision to 2% annualized growth from 2.6% reported in the first estimate. Figures such as retail sales and durable goods orders pointed to the downside.
Towards the publication, EUR/USD was trading around 1.1240, attempting a dead cat bounce. GBP/USD was around 1.5440, USD/JPY around 119.25, AUD/USD around 0.7825 and USD/CAD traded at around 1.2450.
Here is the preview: EUR/USD: Trading the Preliminary US GDP
In this week’s podcast, we cover Yellen & the hike, AUD & CAD rate previews, Jobless claims vs. USD & Greek back burner
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