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US Dollar (USD) Unfazed by Higher Than Expected GDP Data

US Dollar (USD) Unfazed by Higher Than Expected GDP Data

US Dollar,GDP, PCE Talking Points

  • US Core PCE (QoQ) beats estimates at 4.6% vs expected 4.5%
  • US GDP (Q3) increases by 2.3% vs 2.1% (forecast)
  • Economic data weighs on the greenback, DXY falls slightly before finding support
USD Forecast
USD Forecast
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Real gross domestic product (GDP) for Q3 increased at a rate of 2.3%, beating estimates of 2.1%. As the number of Covid-19 cases continues to rise, global economies are struggling to return to pre-covid levels. Meanwhile, Core PCE Prices QoQ (Q3) came in at 4.6%, slightly higher than the analyst’s expectations of 4.5%.

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DailyFX Economic Calendar

As inflationary pressures continue to rise, a more hawkish Federal Reserve has eased concerns after Fed Chair Jerome Powell announced that higher rates can be expected next year.

In response to the data, the US Dollar Index (DXY) fell slightly before finding support above the key psychological level of 96.00.

US Dollar (DXY) 5 minute chart

Chart prepared by Tammy Da Costa using TradingView

With fears over economic growth now seeping into the market, investors are likely to continue to follow the inflation narrative and labor market, the two key objectives for monetary policy.

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

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

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