US GDP Sets the Tone for a Week of Key Data: 22nd November, Forex Trading Update

Nov. 23, 2011 - PRLog -- Vantage FX UK (http://www.vantagefx.co.uk/) provides a daily overview of the news activity and announcements currently shaping currency movements. Jay Mawji, the company’s head of market analysis, takes a look at news around US GDP on 22nd November 2011.

“US GDP figures set the scene for a weak of data on both sides of the Atlantic. With a poor global economic outlook, it was no surprise to see a contraction in the rate of Growth in the US economy, posted at 2%, under the expected 2.5%.

Analysts expected to see US Growth at 2.5% for the third quarter, which appeared to be slightly bold in light of recent US difficulties. The figure came in at 2%, which had been revised downwards but still up from growth in the early quarter of the year, which was at 1.3%. Despite not undertaking any significant growth stimulus measures (as the US economy is held back by a national deficit), lower fuel prices, a weakened Asian economy and extraordinary high consumer spending could see US GDP surpass the 3% mark in early 2012.  It has come as a surprise that consumer spending in the US is still so high as personal income has fallen, which may signal a slightly larger concern for the US economy – that perhaps consumers are sacrificing personal savings to satisfy material wants; a dangerous move in the face of a possible double dip recession.

With a week of data ahead, I won’t spend too much time filling in the gaps… just remember to read between the lines when data is out.”

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