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US GDP revised slightly lower but dollar gains- GBP/USD falls to session lows as UK budget looms
The revision to Q3 US GDP was expected to show growth unchanged over the period at 3%. It has just been revised slightly lower, to 2.8%. However, the core PCE data was actually revised slightly higher at the same time. That is now at 2.2% versus an estimate of 2.1% and that seems to have negated whatever impact the lower GDP print might have had. The dollar has certainly not fallen on any of this and it is in fact now a little higher versus the Yen and the Euro. The GBP/USD is lower too, having now traded below 1.2950 for the first time today as the UK budget looms in a few minutes from now.
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