BREAKING: US GDP shrank 4.8% in Q1 2020

Long-awaited US GDP report for Q1 2020 was released today at 1:30 pm BST. Data showed that the US economy shrank at an annualized 4.8% QoQ. Market expected a drop of 4%. Private consumption declined 7.6% (exp. -3.6%). The US dollar weakened in a knee-jerk move but the scale of a move was not too big. It is hard to determine the reaction of the stock market as it began to surge just minutes before GDP release on rumours that Gilead Science coronavirus drug is actually effective.

We have one more big event scheduled for today - FOMC decision at 7:00 pm BST. No change to the level of rates is expected but the press conference of Chairman Powell (start at 7:30 pm BST) will surely cover issues like negative rates or asset purchases.

EURUSD made a failed attempt of breaking above the downward trendline yesterday. However, weak US GDP reading could encourage bulls to make one more try. Source: xStation5

22 May 2026, 9:40 AM

Economic calendar (22.05.2026) US UoM final data in focus, German Ifo beats expectations

22 May 2026, 7:03 AM

Morning wrap (22.05.2026) Nasdaq climbs higher, supporting European and Asian stocks

21 May 2026, 2:54 PM

BREAKING: Mixed PMI from US

21 May 2026, 8:53 AM

Significant Weakness Following PMI Releases from France and Germany. ECB Hike Under Threat?

Economic reports

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