No surprises in the second release of US GDP: a minor upwards revision to 0.8% annualized, within expectations of 0.9%. Personal consumption remains unchanged at 1.9% but the drop in exports improves to -2% and sales move up to 1%. Growth remains soft.
The US dollar is ticking down, nothing earth shattering. Update: after the initial standstill, we do get new lows on EUR/USD as well as similar moves on other currency pairs.
The United States was expected to upgrade the GDP estimate for Q1 2016 to an annualized level of 0.9% instead of 0.5% reported in the first release. See how to trade the US GDP with EUR/USD
The US dollar gained some ground ahead of the publication.
Later in the day we have a revision of the consumer sentiment for May by the UoM and a speech by Fed Chair Janet Yellen, although it isn’t focused on monetary policy.
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