US GDP was revised higher to 3.3%in the second quarter as stimulus and exports helped give the economy a boost. Yesterday’s durable goods figures suggest Q3 will be reasonably robust as well. Some fear that the short-term stimulus from the rebate checks will wane in Q3 but don’t forget there was a depreciation component to the stimulus for business and that is kicking in as the year progresses.
Jobless claims declined to 425,000, in-line with expectations.
The buck is firmer, now at 1.4735 where Chinese and Russian bids were rumored.
