US GDP unexpectedly declines at an annualized pace in Q1, which weakens the dominance of the dollar
The American economy unexpectedly contracted an annualized 1.4% on quarter in the first three months of 2022, well below market forecasts of a 1.1% expansion and following a 6.9% growth in Q4 2021. The decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. Personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed investment increased.
The number of Americans filling for unemployment benefits was 0.180million in the week ended April 23, compared to 0.184 million reported in the previous week. Todayâs reading came in line with market expectations.Â
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appContinuing claims reading, which lags initial jobless claims data by one week, dropped to 1.408Â million from 1.417 million, while analysts expected a decrease to 1.403 million.Â
EURUSD bounced off the 1.0480 support after release of todayâs data and if current sentiment prevails resistance at 1.0580 may be at risk. Source:xStation5 Â
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr SÄ dowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
