The advance Q1 US GDP report is due tomorrow. Goldman Sachs took its forecast down to 1.3% from 1.5% today on soft trade date but the Atlanta Fed model is unchanged at 0.4% because of growing inventories in the same report.
"After this morning's Advance Economic Indicators report from the US Census Bureau, an increase in the nowcast of first-quarter real gross private domestic investment growth was offset by a decrease in the nowcast of first-quarter real net exports," the Atlanta Fed said.
The consensus estimate is +1.1%.
If the Atlanta Fed is right, we could see some cooling in the US dollar.
