BREAKING: EURUSD drops after US Q1 GDP revision

However, actual data showed quite a big upward revision to the GDP data with growth in Q1 2023 coming in at 2.0%, up from 1.4% in the second release. Core PCE print for Q1 was revised slightly lower, from 5.0 to 4.9%, while personal consumption was revised higher from 3.8 to 4.2%. Jobless claims data came in below expectations.

The overall tone of the US data released today was positive - economy continues to hold up firm and labor market remains strong. USD as well as US indices gained following the release - EURUSD dropped to the 1.09 mark while US500 jumped to a fresh daily high near 4,435 pts.

US, GDP report for Q1 2023 (third release)

• Annualized GDP growth: 2.0% vs 1.4% in second release
• Core PCE: 4.9% vs 5.0% in second release 
• Annualized personal consumption: 4.2% vs 3.8% in second release

US, jobless claims report

• Initial jobless claims: 239k vs 265k expected (265k previously)
• Continuing jobless claims: 1742k vs 1765k expected (1759k previously)

EURUSD has almost fully erased earlier gains following a upward revision to US GDP data for Q1 2023. Source: xStation5