Revision US GDP data for Q1 2023 was released today at 1:30 pm BST. Revision showed a positive surprise with annualized Q1 growth coming in at 1.3%, up from 1.1% signalled in flash release. Core PCE was revised higher from 4.9 to 5.0% QoQ. Jobless claims data released simultaneously showed much lower initial claims than expected. Overall, report showed a better picture of the US economy and provided support for the US dollar. This can be seen as a 'hawkish' reaction as equity markets moved lower. Gold slumped below $1,950 per ounce area.
US, GDP report for Q1 (revision)
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GDP (QoQ annualized): 1.3% vs 1.1% expected
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Core PCE: 5.0% QoQ vs 4.9% QoQ expected
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Personal consumption (annualized): 3.8% vs 3.7% expected
Jobless claims report
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Jobless claims: 229k vs 245k expected
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Continuing claims: 1794k vs 1800k expected
EURUSD at 5-minute interal. Source: xStation5
GOLD at 5-minute interval. Source: xStation5
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