Due to softer consumer
Goldman Sachs is cutting its estimate for GDP growth to 1.5% from 1.8%. They cite softer consumer growth.
The sub 2% growth in the 1Q is a bit of a worry. It comes after a middle of the road 2.1% growth rate in the 4Q.
Fed's Dudley spoke to this earlier today. Fed's Bullard also alluded to it in his remarks and it could change perceptions at the Fed if it does not turn around soon.
The dollar is falling now. The USDJPY is trading to new session lows. The EURUSD moves back toward the key 1.0700-06 area on the topside. The GBPUSD testing the day's highs, and the USDCAD has forgotten its better than expected GDP from earlier today. The sharp fall has been nearly fully retraced.
