It's the time of year when it's increasingly difficult to pin down why market moves are taking place. The latest was a drop in the US dollar and surge in US equity futures following GDP, initial jobless claims and the Philly Fed.
USDJPY 10 mins
The data itself doesn't paint that same picture. Initial jobless claims were lower, which is USD positive. The Philly Fed was soft and there were some dovish details in GDP but it's a stale report at this point. Perhaps the market was focused on the core PCE Q3 number falling to 2.0% from 2.3%, highlighting how the Fed is closing in on its target.
In any case, equity futures jumped and are up 0.7%, erasing about half of yesterday's decline.
S&P 500 futures
Gold also rallied on the data.
