The second estimate of US GDP growth in Q2 saw an upward revision from 2.8% to 3%. However, US resilience has come under pressure, particularly in the labour market of late
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....The second estimate of Q2 GDP edged higher on Thursday after more data had filtered through. Initially, it was revealed that second quarter economic growth grew 2.8% on Q1 to put in a decent performance over the first half of the year.as interest rates remain between 5.25% and 5.5% for the time being.
DXY found support around the 100.50 marker and received a slight bullish lift after the Q2 GDP data came in. With markets already pricing in 100 bps worth of cuts this year, dollar downside may have stalled for a while – until the next catalyst is upon us. This may be in the form of lower than expected PCE data or worsening job losses in next week’s AugustCurrent USD buoyancy has been aided by the RSI emerging out of oversold territory. Resistance appears at 101.90 followed by 103.00.
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