Details of US GDP revisions for Q1 2015

  • Prior +0.2%
  • Sales -1.1% vs -0.5% prior
  • Consumer spending 1.8% vs 1.9% prior
  • GDP deflator -0.1% vs -0.1% exp. Prior -0.1%
  • Core PCE prices 0.8% vs 0.9% exp. Prior 0.9%
  • PCE -2.0% vs -2.0% exp. Prior -2.0%
  • Exports -7.6% vs -7.2% prior
  • Imports 5.6% vs 1.8% prior
  • Business investment -2.8% vs -3.4% prior
  • Housing investment 5.0% vs 1.3% prior

Looks like the markets fears were overcooked and much like the UK saw earlier this week, imports have jumped. There's some reasons to be optimistic as consumer spending is holding up and investment wasn't as bad as first thought and much better on the housing front

USDJPY is up through 124.00 on the relief factor more than anything 124.10 is minor support but it's holding that which gives us a sense of the appetite at the moment. If we can't sustain a move above 124 then we're likely to see the lows tested.