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Canada: Real GDP grew 0.6% in May, as 14 of 20 industrial sectors increased

"Real gross domestic product (GDP) grew 0.6% in May, as 14 of 20 industrial sectors increased. This was the seventh consecutive monthly increase," the Statistics Canada announced on Friday.Key quotes:

16:00 28 July /2017 Forex

Gold surges to fresh multi-week tops after US GDP report

Gold finally broke out of the European session consolidation phase and surged to fresh six week tops, near $1265-66 region following the release of US growth numbers. According to the advance estimates, the US economy is expected to have expanded at an annualized rate of 2.6% during the second quarter of 2017, broadly in-line with consensus esti...

16:00 28 July /2017 Forex

GBP/USD fades spike to 1.3118 as T-yields remain resilient Omkar Godbole

A weaker-than-expected US employment cost index and the core PCE numbers hasn’t had a material impact on the treasuries, leaving the spread/difference between the 10-year Treasury yield and the 2-year Treasury yield largely unchanged around 95 basis points. Consequently, the knee jerk spike in the GBP/USD pair to 1.3118 has been reversed. The spot currently trade...

16:00 28 July /2017 Forex

US: Real GDP growth to accelerate to 2.5% q-o-q - Nomura

Analysts at Nomura expect real US GDP growth to accelerate to 2.5% q-o-q saar in Q2 from 1.4% in Q1.Key Quotes“The Q1 growth was on the back of a solid 2.6% increase in final sales, which were boosted by a sharp 22.6% increase in private investment in structures. This increase in structures investment was driven by an outsized gain in investment in mining, exploration, shafts, and...

15:46 28 July /2017 Forex

US: PCE price index increased 0.3 percent in second quarter

"The price index for gross domestic purchases increased 0.8 percent in the second quarter, compared with an increase of 2.6 percent in the first quarter (revised). The PCE price index increased 0.3 percent, compared with an increase of 2.2 percent. Excluding food and energy prices, the PCE price index increased 0.9 percent, compared with an increase of 1.8 percent," the Bureau of Economic Analysis...

15:46 28 July /2017 Forex

BoE: Expect a 6-2 vote in favour of unchanged Bank Rate – Danske Bank Sandeep Kanihama

Analysts at Danske Bank note that despite slower growth, the Bank of England (BoE) has turned more hawkish recently, as inflation has moved higher and the unemployment rate lower and still, they do not expect a BoE rate hike before sometime in 2019:Key Quotes“GDP growth has slowed and has been weaker than the BoE anticipated, high inflation is temporary due to the weak GBP caused ...

15:46 28 July /2017 Forex

US: Real GDP increased at an annual rate of 2.6% in second quarter of 2017 Eren Sengezer

"Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017" the Bureau of Economic Analysis announced on Friday.Key quotes:

15:46 28 July /2017 Forex

USD/JPY drops below 111.00, US 10-yr-2-yr spread unchanged as Core PCE missed estimates Omkar Godbole

The Dollar-Yen pair fell to a session low of 110.84 as the core personal consumption expenditure (Core PCE) declined to 0.7% q/q in Q2 vs. estimate of 0.9%. The official data released in the US showed the economy expanded at annualised rate of 2.6% vs. expected print of ...

15:46 28 July /2017 Forex

EUR/USD spikes back closer to multi-month tops post US GDP Haresh Menghani

The EUR/USD pair built on to its momentum back above the 1.1700 handle and jumped to fresh session tops following the release of US growth numbers.Currently trading around mid-1.1700s, the pair caught some fresh bids after the advance US GDP showed economic growth accelerated to an annualized pace of 2.6% during the second quarter of 2017. The re...

15:46 28 July /2017 Forex

Gold hovers around six-week highs ahead of US GDP Haresh Menghani

Gold struggled for a firm direction and see-sawed between tepid gains/minor losses near six week tops as investors keenly awaited the advance release of US Q2 GDP print. Today's subdued action could be attributed to diverging moves between the US Treasury bond yields and the US Dollar....

15:23 28 July /2017 Forex

US Stocks: Big corporations announce better-than-expected earnings Eren Sengezer

Second quarter earnings season continue with the following results on Friday (via Reuters):

15:23 28 July /2017 Forex

US: Political uncertainty has not clearly harmed the economy - AmpGFX Sandeep Kanihama

According to Greg Gibbs, Analyst at Amplifying Global FX Capital, some indicators, such as the rebound in Conference Board Consumer confidence data suggest that the US political uncertainty in not having much impact on the economy.Key Quotes“The US stock market also continues to power ahead.”“While overall polls suggest that Trump’s popularity has waned to the lowest level for a P...

14:46 28 July /2017 Forex

Canada: Industry level GDP should rise by 0.3% in May – TDS Sandeep Kanihama

Analysts at TDS expect Canada’s industry level GDP to rise by 0.3% in May and growth to reflect strength in both goods and services, though each should receive significant support from motor vehicles.Key Quotes“Manufacturing output surged in May on the strength of motor vehicle shipments and auto sales contributed nearly all the growth in nominal retail sales. Wholesale sales were...

14:46 28 July /2017 Forex

NZD/USD slides to fresh session lows near 0.7460 ahead of US GDP Haresh Menghani

After an initial uptick, the NZD/USD pair turned lower for the second consecutive session and extended previous session's corrective slide from 26-month highs. The pair failed to build on early up-move and ran through some fresh offers around the key 0.75 psychological mark. The pair's downfall on the last trading day could be attributed to profi...

14:46 28 July /2017 Forex

US: Focus on Q2 GDP numbers – BBH

Analysts at BBH suggest that the data focus in North America is on the US as it reports its first look at Q2 GDP while the Atlanta Fed's GDPNow sees the economy tracking 2.8% annualized growth.  Key Quotes“The NY Fed's tracker put it at 2.0% at the end of last week.  The median forecast from the Bloomberg survey is 2.8%.  Our own guesstimate is a bit lower.  In terms of details, t...

14:23 28 July /2017 Forex

US: Solid GDP growth may be a fairly goldilocks outcome for markets - ING

In view of analysts at ING it may be up to 2Q US GDP today to realign the markets’ overly bearish expectations about the USD and their economists are looking for an above-consensus +2.8% QoQ annualised print.Key Quotes“After President Trump’s first 100 days in office, we concluded that this would be “as good as it gets for the dollar”. While this has proven to be the case, we stil...

14:23 28 July /2017 Forex

US: Q2 GDP growth to accelerate to an annualized 2.5% q/q - TDS

The analysis team at TD expects US Q2 GDP growth to accelerate to an annualized 2.5% q/q, slightly below the market consensus for a 2.6% print.Key Quotes“This reflects a strong pickup in consumer spending and broadening non-residential business investment growth, though residential investment and net exports should exert a small drag. The Q2 Employment Cost Index will be released ...

14:23 28 July /2017 Forex

USD/CHF consolidates near 0.97 handle, awaits US GDP for fresh impetus Haresh Menghani

The Swiss Franc remained heavily offered through the mid-European session on Friday, with the USD/CHF pair holding with strong gains for the second consecutive session.After a strong rally of over 200-pips in the past 24-hours, the pair has now entered a bullish consolidation phase and was seen oscillating in a narrow trading range around the 0.9...

14:23 28 July /2017 Forex

Germany: Stable inflation fails to give new guidance - ING

German inflation remained broadly unchanged in July, giving no further guidance for the ECB, according o Carsten Brzeski, Chief Economist at ING.Key Quotes“Based on the results of six regional states, German headline inflation increased somewhat unexpectedly to 1.7% YoY in July, from 1.6% YoY in June. On the month, German prices increased by 0.4% MoM. Based on the harmonised Europ...

14:00 28 July /2017 Forex

US: Legislative events in focus - BBH

Analysts at BBH suggest that in the US, there have been two important legislative events that will likely underscore investor anxiety about Trump Administration's economic agenda going forward.  Key Quotes“First, in the House of Representatives, the Border Adjustment Tax (BAT) has been dropped from the tax reform measures being debated.  This is important, not so much because it i...

14:00 28 July /2017 Forex