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US Q1 GDP revised lower- EUR/USD lifts slightly

The second revision to US Q1 GDP has just been released. Growth over the first 3 months of this year was forecast to be revised slightly lower, from the first estimate of 1.6%. The consensus was for 1.3%. This second revision has shown its rising by 1.3% which was entirely inline. The US Q1 GDP deflator was forecast to remain unchanged at 3.1%. It has matched that too. The core PCE price data was also expected to remain unchanged at 3.7%. That has come in slightly lower, at 3.6%. Ahead of all this data, the dollar was already off its earlier highs versus all of its major counterparts, as US yields edged a little lower. The impact of all this has helped to initially push the dollar a little lower, but in truth nothing has changed overall. The EUR/USD is currently trading at 1.0822

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