The Dollar revealed little reaction to the mix of data, where Q1 GDP revisions were steady at 3.1%, as core PCE ticked up to 1.2% from 1.0% previous. Weekly jobless claims were a touch higher than forecast, at 227k. EURUSD idles at 1.13, while USDJPY nudged a few points higher, near 107.90. Equity futures remain narrowly mixed, with yields little changed.
US Q1 GDP growth was left unrevised at the 3.1% clip in the second look and 3.2% in the Advance report. And it compares to 2.2% in Q4. Consumption was bumped down to a 0.9% clip from 1.3% previously. Business fixed investment boosted to 3.0% versus 1.0%. Government spending was also revised up to 2.8% from 2.5%. Inventories contributed $26.0 bln, down from the prior $28.7 bln contribution. Net exports contributed $50.7 bln, down from $52.1 bln. The chain price index was nudged up to 0.9% versus 0.8%, with the core rate now at 1.2% versus 1.0%.
The inflation data may be the focus for the report, which otherwise is too old to have much market impact, especially as the focus is on the G20 and the Trump-Xi meeting on Saturday.
Andria Pichidi
Market Analyst
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