The United States Economy grew at a lower pace than expected for the first quarter of 2013. The GDP figure was initially reported at 2.5%, the PreLim GDP figure shows a growth of only 2.4%.
The U.S. GDP is released in three phases. The first is the “Advanced” GDP figure, four weeks following the quarter’s end. The Advanced figure is usually what moves the markets the most. The PreLim (Preliminary) figure is released a month after the Advanced. Then the Final GDP figure is release at the end of the next quarter.
The EURUSD is on the rise, possibly in result of the GDP figure. Unemployment claims were higher than expected today too, being released at 354K, 10K more than last week.
At 10 am EST, Pending Home Sales in the U.S. will also be reported.
Big day for U.S. Dollar news and so far, it isn’t looking too good.
For news updates and more fundamental analysis, follow me on Twitter. Follow the Winner’s Edge account, Casey’s twitter account, Nathan’s twitter account, and Tim’s twitter account too for Forex analysis, and trade ideas!
Winner’s Edge Trading, as seen on: