020 7898 0500No major surprises with the second estimate of the US GDP growth rate yesterday, as it came in as expected at 2.5%. This is a pretty sharp fall from 3.2% in the third quarter of 2017, but the US has posted several pieces of impressive economic data so far in 2018 so attention will turn to the first reading of the GDP growth rate for the first quarter of 2018.
Pending home sales came in rather disappointing, but the dollar continued its recent impressive performance by climbing higher against the euro and sterling. Speculation that there will be four Fed rate rises in 2018 continues to support the greenback, although the stock market is taking a hit as the era of cheap money appears to be coming to an end.
Today we have initial jobless claims up to 24 February 2018, as well as the personal income and spending for January. There will also be manufacturing PMI and the new Fed Chair Jerome Powell with be speaking. All in all, a pretty busy day.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
