BREAKING: USD extends gains after US GDP first release 💵

• US GDP QoQ Advance Actual 2.8% (Forecast 2.9%, Previous 3%)
• US Core PCE Prices Advance Actual 2.2% (Forecast 2.1%, Previous 2.8%)

The U.S. dollar extended gains following the release of the initial Q2 GDP report, which, despite indicating strong economic growth at 2.9%, fell below expectations.

Preliminary data shows another quarter of strong U.S. economic growth. With such figures, investors aren’t concerned about an impending recession. The dollar is gaining because a strong economy combined with a robust labor market (ADP) increases the likelihood of a hawkish stance from the Fed at its next meeting in November.