US Q1 annualized GDP flash reading now out 28 April

  • 2.1% prev
  • GDP price index 2.3% vs 2.0% exp vs 2.1% prev
  • core PCE qq 2.0% vs 2.1% vs 1.3% prev
  • employment cost index 0.8% vs 0.6% exp vs 0.5% prev
  • personal consumption 0.3% vs 0.9% exp vs 3.5% prev

Weakest Q1 growth in 3 years with consumer spending down.

Higher labour costs and core PCE providing some hope for the future though.

A soggy GDP report and will disappoint a few USD bulls and Fed hawks but not apparently for the moment as focus remains on inflation.

Says the BEA:

The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency.

The "second" estimate for the first quarter, based on more complete data, will be released on May 26, 2017

Full GDP details here

USDJPY up to 111.67 EURUSD back below 1.0920 and GBPUSD 1.2925