The U.S. Gross Domestic Product grew at a 1.7% annual rate in the second quarter.
Economists were expecting growth to be around 1.1%, the same figure as first-quarters revised growth pace.
Recovery..starting to take root
Andre Bakhos, the director of market analytics at Lek Securities said: “We have an upside surprise in the GDP which speaks volumes for the job recovery that we’re putting together. The recovery in the economy is starting to take root,”. (Reuters)
ADP Private Sector employment figures were also very impressive today (see the report here), showing an addition of 200,000 jobs to America’s work force.
Yesterday, consumer confidence in the U.S. fell slightly, but to no alarm. Last month’s figure was a 5-year high and yesterday’s figure was only 1.1 points less on the index.
Looking at this week’s economic news from the Fed’s perspective, maybe Tapering actually could begin later this year.
The USD is strong today, likely in result the news. The FOMC statement will be added to the mix this afternoon, which can also result in market volatility.
Until next time, for news updates and more fundamental analysis, you can follow the Winner’s Edge account. Follow Casey’s twitter account, Nathan’s twitter account, and Tim’s twitter account too for Forex analysis, and trade ideas!
For Nathan’s most recent Technical Analysis click here!
Winner’s Edge Trading, as seen on: