US dollar slow to make a decision on GDP

The good news in the GDP report was an improvement in business investment and a solid consumer. There's even talk that better wage numbers should lead to upward revisions.

The bad news is that inventories can't be a boost forever.

If you scale back and look at 2016 as a whole, it matched the worst year of growth since the crisis. GDP rose 1.6%, which means Trump has plenty of work to do to get the 3-4% growth Trump is targeting.

Initially, USD/JPY fell then rallied to a one week high of 115.38 but now it's tracking lower again to 114.98.

The euro and Australian dollar are also getting some momentum with both at session highs.

We're keeping a close eye on the bond market. It was choppy at first but now 10-year yields have turned lower and are down 2 bps to 2.48%.