The US GDP numbers for Q1 were released a while ago and they beat the expectations. The last estimate was 0.8% but this final estimate came out at 1.1% against 1.0% expected. That's not a bad number considering the slowdown that the US economy went through the Q1 period and with all the global financial turmoil.
But that's the main number because the looking at the details the picture is sort of mixed. The inflation was revised down to 2.0% versus 2.1% prior while the personal consumption fell to 1.5% against 2.0% expected and 1.9% prior. This is the preferred number for the FED so it might have an impact on their monetary policy.
That said, the forex market is focusing on the main headline number and is ignoring the mixed details. The numbers that pushed the GDP up were the sales which came out at 1.3% against 1.0% prior and the corporate profits which made a huge jump from 0.6% to 2.2%. That's going in favour of our forex signal since we have a GBP/USD and a EUR/USD sell signal.
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