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30 May 2014
USD weakened post-data - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, noted the USD accelerated its downside post-US data.
Key Quotes
"Yesterday's main event saw annualised US GDP revisions for Q1. Having already come out at 0.1% after expectations had been for 1.2% on the first reading (bad weather had been blamed), expectations of revisions down to - 0. 5% turned out to be wide of the mark, as the release showed GDP revised to -1% for the quarter."
"This is quite a contrast to the original 1.2% and surely enough for the Fed to now lower growth projections for the year. US 10 year yields continued to slide as a result, and buoyed by the likelihood that policy will remain easy in the US after the print, the S&P 500 made its 13th record close this year, touching intraday highs at 1920.0."
"In currency markets, while t he move was relatively muted, the USD has broadly weakened. For clients selling USD and buying GBP or EUR current rates may represent good levels, as we remain close to 6 week lows vs. the pound and 14 weeks vs. the Euro."
Key Quotes
"Yesterday's main event saw annualised US GDP revisions for Q1. Having already come out at 0.1% after expectations had been for 1.2% on the first reading (bad weather had been blamed), expectations of revisions down to - 0. 5% turned out to be wide of the mark, as the release showed GDP revised to -1% for the quarter."
"This is quite a contrast to the original 1.2% and surely enough for the Fed to now lower growth projections for the year. US 10 year yields continued to slide as a result, and buoyed by the likelihood that policy will remain easy in the US after the print, the S&P 500 made its 13th record close this year, touching intraday highs at 1920.0."
"In currency markets, while t he move was relatively muted, the USD has broadly weakened. For clients selling USD and buying GBP or EUR current rates may represent good levels, as we remain close to 6 week lows vs. the pound and 14 weeks vs. the Euro."