USD
The dollar strengthened across the board yesterday after the US released strong
growth figures in the shape of its preliminary GDP figure. Gross domestic
product, the value of all goods and services produced, rose at a 3.7 percent
annualized rate, exceeding all estimates

The US economy grew more than expected in the second quarter on bigger gains in
consumer and business spending shows the US is back on track and gives further
optimism on the Federal Reserve hiking rates. 

USD
The dollar strengthened across the board yesterday after the US released strong
growth figures in the shape of its preliminary GDP figure. Gross domestic
product, the value of all goods and services produced, rose at a 3.7 percent
annualized rate, exceeding all estimates

The US economy grew more than expected in the second quarter on bigger gains in
consumer and business spending shows the US is back on track and gives further
optimism on the Federal Reserve hiking rates. 

In another major data release, the US also released positive jobs data with
unemployment claims falling to a three week low. Demand for skilled workers is
picking up as the unemployment rate falls, Convincing hiring managers to keep
staffing levels consistent with sales. 

Pay raises, alongside strengthening job security will help to provide a bigger
boost to consumer spending in the US which accounts for almost 70 percent of
the economy. Another report Thursday from the Commerce Department showed a
bigger advance in household purchases in the second quarter than previously
estimated. A 3.1 percent increase in spending helped boost gross domestic
product to a 3.7 percent gain in the three months ended in June.

 

Key
Announcements

09:30 – GBP – Second estimate GDP is forecast to remain unchanged at 0.7%.