USD Resumes Decline After Slightly Softer GDP Revision
Skerdian Meta•Thursday, December 21, 2023•1 min read
The last revisions for the US Q3 GDP report were released a while ago and the US currency resumed the decline, with equities futures resuming the upside momentum. This price action seems a bit strange as the data wasn’t exactly dovish, but it seems like the market just wants to sell the USD right now.
Initial jobless claims were lower, which boosted the USD. The Philly Fed was dovish, and GDP had some dovish details, but it’s a stale report at this point. Perhaps the market was focused on the core PCE Q3 figure falling to 2.0% from 2.3%, underlining how close the Fed is to its aim.
US Q3 2023 Final GDP Reading
- Q3 2023 GDP YoY (third reading) +4.9% vs +5.2% expected
- The Q2 final reading was +2.1%
Details:
- Consumer spending +3.1% vs +3.6% prelim
- Consumer spending on durables +6.7% vs -0.3% prior
- GDP final sales +3.6% vs +3.7% prelim
- GDP deflator +3.3% vs +3.5% prelim
- Core PCE +2.0% vs +2.3% prelim
- Corporate profits +3.7% vs +4.1% prelim
- Business investment +5.2% vs +3.9% prelim
Percentage point changes:
Net trade +0.03 pp vs -0.04 pp prelim
Inventories +1.27 pp vs +1.40 pp prelim
Govt +0.99 pp vs +0.94 pp prelim
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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