US Q4 GDP Revised to the Upside: 3%


US Q4 GDP Revised to the Upside: 3%. The first read was 2.8%, and expectations stood on a growth rate above 3%.

The figure is annualized. Q1 is also expected to see good growth.

The accompanying GDP Price Index was revised from a rise of 0.4% to 0.9%. The personal consumption component, which is dominant in the US economy, was revised from a rise of 2% to 2.1%.

The bigger event today was the ECB’s second LTRO, which reached almost 530 billion euros. The ECB’s balance sheet is now larger than that of the Federal Reserve.

The Chairman of the Fed, Ben Bernanke, will provide another big event for today with his testimony. He is expected to see the dark side of the economy, disregarding this good figure for Q4 and the recent positive job figures.

Today, February 29th, is a special day indeed. EUR/USD is stable around 1.3440. Note that end-of-month adjustments could shake currencies later on.

The Chicago PMI is also due at 14:45. It’s expected to yield a score oof 61.6 points, better than last month.

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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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