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Two Positive US Data Points – GDP & Initial Claims

Market Analysis
2016-09-29_15-46-48

USDJPY, Daily              

The U.S. revised Q2 GDP growth up to 1.4%, fractionally shy of expectations, versus the prior 1.1% pace and 1.2% in the Advance report. GDP posted growth rates of 0.8% and 0.9% in Q1 and Q4 2015, respectively. For Q2, consumption was nudged down to 4.3% from 4.4% in the second report. Fixed investment was revised higher to -1.1% from -2.5%. Government spending was revised down to -1.7% from -1.5%. Inventories subtracted $50.2 bln versus -$53.1 bln previously. Net exports added $7.8 bln from $4.3 bln previously. The chain price index was flat at 2.3%, and is up 1.2% y/y, also unchanged from the prior report, with the core rate also steady at 1.8%, and at 2.4% y/y.

U.S. initial jobless claims rose 3k to 254k in the week ended Sep 24, from a revised 251k previously (was 252k). That brought the 4-week moving average to 256k from 258.25k (revised from 258.5k). Continuing claims dropped 46k to 2,062k in the September 17 week, from 2,108k (revised from 2,113k). That’s the lowest since July 2000. BLS said no special factors impacted.

USDJPY continues to have a positive day on the back of the news and a close over 102.00 takes the pair north of the 20 and 50 DMA.

 

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Stuart Cowell

Market Analyst

HotForex

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