US GDP Q1 Preview: First estimate effect on EUR/USD – by FXstreetNews GDP UnitedStates EURUSD EconomicIndicator Fed
US GDP is forecast to grow at an annual rate of 2.0% in the first quarter of 2023.After data released by the US Bureau of Economic Analysis, markets will pay close attention to Q1 earnings reports.
The US Dollar has been weakening against its major rivals since early March after the collapse of the Silicon Valley Bank reminded markets of the negative impact of the Federal Reserve’s tight monetary policy on the financing conditions. The GDP report will provide fresh clues regarding the state of the United States economy in early 2023 and drive the US Dollar’s action by influencing the market pricing of the Fed’s policy outlook.
“There is no doubt that the US economy is slowing, but the pace matters. A deceleration to 2% would be the sweet spot for markets – ongoing expansion without fears of an imminent recession,” Elam explains. “It would represent a return to the"new normal" GDP growth figures that characterized the post-financial crisis era. Conversely, a faster clip would stoke fears of further rate hikes by the Fed, while slower growth would raise recession angst.
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