USD Lower, Despite Higher Q2 GDP Revisions
US Q2 GDP was revised higher today, although the USD is not benefiting
Tuesday traders were waiting for this week’s services and manufacturing numbers for July which were released on Monday and then the durable goods orders and pending home sales yesterday. Apart from services that dived deeper into contraction last month, most other reports showed that the US economy is stable, which supports the idea of another strong rate hike from the FED, with Bostic commenting that the data supports another 75 bps rate hike.
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But, the USD didn’t benefit from the stable economic data and from such comments. It seems like USD traders are remaining on the sidelines for Powell’s comments on the economy and monetary policy at the Jackson Hole Symposium, which will hint on the next rate hike.
US Q2 2022 GDP (second reading)
- Q2 2022 GDP (second reading) -0.6% vs -0.8% expected
- The advance reading on Q2 was -0.9% vs +0.5% expected
- Q1 was -1.4% annualized
- Personal consumption +1.5% vs +1.1% advance reading
- Core PCE prices +4.4% vs +4.4% expected
- PCE prices +7.1% vs +7.1% advance
- GDP final sales +1.3% vs +1.1% prelim
- Corporate profits after tax +9.1% vs -4.9% in Q1
- Consumer spending on durables -0.1%
Percentage point changes:
- Inventories cut 1.83 pp vs 2.01 pp in advance
- Goods cut 0.57 pp vs 1.08 pp in advance
- Services added 1.56 pp vs 1.78 pp in advance
- Gross private domestic investment -2.67 pp vs -2.73 pp
- Net exports +1.42 vs +1.43 pp
- Government spending -0.32 pp vs -0.33 pp
The US dollar is doing a bit better after the data. The ex motor vehicles number was revised to -0.6% from -1.0%.
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