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US Dollar Halts Losses Despite First GDP Decline in 3-Years

US Dollar Halts Losses Despite First GDP Decline in 3-Years

2014-05-29 13:44:00
Baruch Spier,
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Talking Points:

  • US GDP declines for first time in 3-years
  • Initial and continuing jobless claims fall in May
  • USD/JPY as bad news appears dated

Want to trade with proprietary strategies developed by FXCM? Find out how here.

US Data

Actual

Expected

Prior

Revised Prior

GDP Annualized (1Q S) (Q/Q)

-1.0%

-0.5%

0.1%

Personal Consumption (1Q S)

3.1%

3.0%

3.0%

Initial Jobless Claims (May 24)

300K

318K

326K

327K

Continuing Claims (May 17)

2631K

2650K

2653K

2648K

The US economy contracted on a quarterly basis for the first time in three years, according to the second estimate of the Q1 GDP released by the Commerce Department. The 1% annualized decline in economic output followed a 2.6% annualized rise in GDP in the final quarter of last year.

Both Federal Reserve officials and business managers have blamed much of the first quarter slowdown on the unusually severe winter conditions. Furthermore, the Fed said in its April meeting that growth in economic activity had picked up between March and April. Because the first quarter data is almost two months old, the revision may not affect Federal Reserve monetary policy, which may be why the US Dollar ignored the release and rose in Forex markets.

USD/JPY 1-Minute: May 29, 2014

US Dollar Halts Losses Despite First GDP Decline in 3-Years

The US Dollar gained 20 pips against the Japanese Yen following the release and approached resistance by the daily open at 101.86. Currency Strategist Ilya Spivak warns that USD/JPY may continue to face resistance around 102.00.

USD/JPYDaily by Ilya Spivak

US Dollar Halts Losses Despite First GDP Decline in 3-Years

Charts created by Baruch Spier and Ilya Spivak using Marketscope 2.0. Add DailyFX Support/Resistance to your charts at FXCM Apps.

-- Written by Baruch Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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