US GDP update boosts USD decline

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


The US Bureau of Economic Analysis has published the US Preliminary quarterly GDP data. US GDP has increased by 1.3% instead of the forecast 1.2%.

Dollar index reacted to the news with an immediate dip of 11 base points that was followed by a further decline. However, the USD was already declining during the early hours of today's trading session. The news provided new energy to the move.

The move occurred due to the fact that better than forecast US economic data indicates that the US Federal Reserve has room to hike interest rates in effort to combat inflation. Moreover, high economic activity might be a signal that inflation is rising.

Note that the US GDP release consists of three publications over the span of a quarter. First is the Advance GDP, which has the most impact. It is followed by the Preliminary and Final releases, which have less impact.
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