BREAKING: US GDP grows 33.1 % in Q3; Jobless Claims below expectations

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Long-awaited US GDP report for Q3 2020 was released today at 12:30 pm BST. Data showed that the US economy grew at an annualized 33.1% QoQ which came in above market expectations of 31.4%. Today’s reading showed the biggest expansion ever, following a record 31.4% plunge in Q2. Private consumption declined 7.6% (exp. -3.6%). However the outlook for Q4 and 2021 remains uncertain as the pandemic is far from controlled and a vaccine is not ready yet.

Meanwhile the number of Americans filling for unemployment benefits was 0.751 million in the week ended October 24th, compared to 0.787 million in the previous week. Today’s reading came in below market expectations of 0.775 million. It is the second consecutive week with claims below 800k. However today’s reading still remains far above 665,000 filed at the peak of the Great Recession in March 2009.

Continuing claims reading, which lags initial jobless claims data by one week, reach 7.756 million, while analysts expected a drop to 7.70 million.

EURUSD bounced off the 1.17 support after today's data releases and is heading towards 1.1718 resistance level. Source: xStation5

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