U.S. Review
Data Details Show Economy Continues to Firm
- Second quarter GDP was revised higher to a 4.2 percent annualized rate, with the details painting a brighter picture of the economy. Compared to the first release, trade was less of a drag, nonresidential fixed investment was stronger and inventories provided a smaller—although still sizeable—boost.
- Headlines for housing data were mixed this week, but reports generally suggest the sector continues to gradually improve as home prices are increasing at more reasonable rates, supply is coming back and future recorded sales look to improve.
- Consumers' willingness to spend remains somewhat questionable, with personal spending slipping 0.1 percent.
Global Review
Canada Firming as Europe Struggles and Japan Falters
- Real GDP in Canada grew at a 3.1 percent annualized rate in the second quarter as a 3.0 percent increase in final domestic demand and a boost from trade offset a 1.9 percent drag from slower inventory investment. See our website for complete write-up on this week’s Canadian GDP report.
- In the International Review on page 4, we look at what the latest signal of slow growth in Europe means for ECB policy as well as how the Japanese economy is faring in the wake of the deleterious effects of the April consumption tax hike.
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Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold slumps below $2,300 as US yields rebound
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.