Latest Q2 GDP estimates from the US indicate the economy grew at 2.3%, despite this being just shy of Wall street’s predictions of 2.5% this is widely seen as a positive figure for the US. The revision of Q1 GDP up from 0.2% decline into 0.6% growth has also helped to eradicate some of the doubt in the market about the stability of the US recovery. These positive growth indicators combined with the FOMC’s upbeat tone on the US labour market have led to further speculation that the US economy could be seeing a rate rise as soon as September this year. USD rallied on the news as did the S&P that’s now trading just 22 points off its record close.
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UK GDP grows 0.7% in second quarter
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US economy adds 215,000 jobs in July
US economy adds 215,000 jobs in July