The US growth engine is at full speed: Q3 GDP growth was revised to the upside, to 3.9% annualized. Consumer spending was revised up to 2.2%. Core PCE os 1.4%. The PCE is up from 1.2% to 1.3%. This is a good figure. There is still one more revision awaiting us in a month or so.
The USD is stronger: EUR/USD is sliding to 1.24, GBP/USD at 1.5650, USD/JPY to 118.25, AUD/USD is below 0.8520 and USD/CAD at 1.1287.
US Gross Domestic Product growth for the third quarter was expected to be revised down to 3.3% from 3.5% originally reported.
Currencies traded in range before the release: EUR/USD was around 1.2425, GBP/USD at around 1.5660, USD/JPY flirted with 118, USD/CAD was around 112.67 and AUD/USD stood out with a fall to new multi-year low. Here is the preview: trading the US GDP with EUR/USD.
While Q3 is getting further away, this is the most comprehensive view of the economy, making it important. This
We still have CB Consumer Confidence later in the day.
And tomorrow, we have an important housing figure: see how to trade the new home sales with USDJPY.
