U.S. GDP Comes In On Schedule - Forex News by FX Leaders
GDP

U.S. GDP for Q1 has come in as expected at 3.1%. Traders and investors are bidding this data with caution, producing a modestly green Wall Street open. Through the first half-hour of trade, the DJIA DOW (+83), S&P 500 SPX (+14), and NASDAQ (+45) are in positive territory.

Aside from Q1 GDP, several other U.S. metrics were released in the pre-market hours. Here is a quick look:

Event                                                                 Actual        Projected      Previous

Continuing Jobless Claims (May 17)             1.657M          1.662M         1.683M

Initial Jobless Claims (May 24)                        215K               215K              212K

Core Personal Consumption (QoQ, Q1)         1.0%              1.3%              1.3%

GDP (Q1)                                                              3.1%               3.1%             3.2%

Goods Trade Balance (April)                        -$72.12B             NA            -$71.33B

To summarize, U.S. employment remains strong, consumption is down, and output is relatively static. All in all, there isn’t a whole lot to see here. The U.S. indices and Greenback are up modestly as the markets take an “I told you so” stance.

S&P 500 Up Modestly Following U.S. GDP Release

The daily downtrend is in full effect for the S&P 500, but values are up a bit following today’s U.S. GDP report. At this point, stock players are holding on to a somewhat shaky early-session rally.

June E-mini S&P 500 Futures (ES), Daily Chart
June E-mini S&P 500 Futures (ES), Daily Chart

Overview: The U.S. indices have taken a beating throughout May in the wake of trade war hysteria. However, the calendar is getting ready to flip to June, a much-anticipated development for equities bulls. Markets often move directionally upon the onset of a new month ― those long the S&P 500 are hoping that north is the way forward starting next Monday.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments