US GDP surprises markets

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The United States Bureau of Economic Analysis has published the US Final quarter on quarter Gross Domestic Product data. The markets expected US economy to have grown in the first quarter of the year by 1.4%. Instead of the expected, the economy has been reportedly increased by 2.0%.

The higher GDP data signals that the US economy remains strong and the US consumers continue to spend. Some analysts attributed the high GDP to massive credit card debt that is used to continue buying consumer goods despite increasing prices.

The data signals that the US monetary policy makers, the Federal Reserve, are still failing to slow down inflation, as the US citizens continue to spend. Due to this reason higher than previously thought US interest rate could be expected. Higher interest rates mean more USD would be needed to repay all USD denominated debt, which is higher demand for the US Dollar. This is the reason for the USD adjustment upwards.

During the first 30 minutes after the publication, the US Dollar index had surged 55 base points or 0.53%.
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