Atlanta Fed: GDPNow estimate for real GDP growth in Q3 unchanged at 4.3%

Eren Sengezer FXStreet

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2018 is 4.3 percent on August 15, unchanged from August 9," the Federal Reserve Bank of Atlanta reported on Wednesday.

Key quotes

After this morning's retail sales report from the U.S. Census Bureau, the nowcast of third-quarter real personal consumption expenditures growth increased from 2.9 percent to 3.1 percent.
This increase was offset by a decline in the nowcast of third-quarter real nonresidential structures investment growth from 3.0 percent to -1.6 percent after this morning's industrial production release from the Federal Reserve Board of Governors.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold battles to retain the positive momentum

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.