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US Open Preview – Pound dives to 2-month lows on UK GDP growth miss; US GDP growth next
April 27, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day Ahead: US GDP Growth and University of Michigan consumer sentiment int the spotlight
Friday’s calendar features key US data releases in the remainder of the day, with the dollar probably going through another round of volatility today if the numbers surprise ahead of a busy week, including the Fed’s next policy meeting, the NFP employment numbers, and core PCE inflation numbers.
US GDP growth figures for the first quarter are due at 1230 GMT, with analysts predicting a growth rate of 2.0% on an annualized basis, significantly below Q4 2017’s reading of 2.9%. While the pullback could be in line with the measure’s trend in recent years, a surprising miss could pressure the dollar. Alternatively, stronger-than-expected releases could help the greenback to continue its bullish run. Investors will also take a look at Q1 employment costs and the advance estimate of core PCE prices which will be published along with the GDP report.
At 1400 GMT, the focus will turn to April’s final readings on consumer sentiment delivered by the University of Michigan.
In oil markets, investors will keep a close eye on the US oil rig count issued by the Baker Hughes company at 1700 GMT. Potential increases in active drilling rigs could add losses to oil prices.
Turning to today’s public appearances, at 1400 GMT, Bank of England Governor Mark Carney will speak at the launch of the EconoME programme.
In politics, the German Chancellor Angela Merkel is meeting US President Donald Trump today in an attempt to avert a trade war between the EU and the US.
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