Market Awaits for the US GDP Release for Q3

Market Awaits for the US GDP Release for Q3

The market will be closely watching the GDP release of the US for the third quarter, which will be disclosed by the Bureau of Economic Analysis on Thursday at 13:30 GMT. Economists are estimating it to be 5.2%, which was the same as released on 29th Nov 2023 at 13:30 GMT. Market participants who are trading in the US dollar quotes are highly recommended to be alert during the release of GDP, before taking any drastic market decisions. 

In the previous release of the indicator, it could be determined that Americans had spent enough to lift the US economy to a robust 5.2% annual rate from July to September despite the increased interest rates. Following this upgrade from its previous forecast, the government had predicted that the economy would grow at a 4.9 annual rate by the last quarter.

The US to Publish the Initial Jobless Claims Today

The weekly release of the Initial Jobless Claims will be made on Thursday at 13:30 GMT and the market participants who are trading in the US dollar quotes and related to the labour sector are advised to stay updated about the readings of the indicator. Financial experts are estimating it to be 202000. When it was published on 14th Dec 2023 at 13:30 GMT, it was found to be 202000 in place of the forecasted 213000. If there is a rise in the values of the indicator, it will have a negative impact on the US dollar quotes. The indicator will represent the number of individuals applying to receive unemployment insurance benefits. With the release of the indicator, the present condition of the labour market. The data will be disclosed by the US Department of Labour. 

Announcement of Philadelphia Fed Manufacturing Index 

Federal Reserve Bank of Philadelphia will be disclosing the Philadelphia Fed Manufacturing Index on Thursday at 13:30 GMT and it is estimated to have a drop of 2.1. The drop in the value of the indicator will have a negative effect on the American currency. Furthermore, a negative value of the indicator shows the decline in the industrial sector in the region. When the indicator that represents the relative business conditions in the Philadelphia Fed region was unveiled on 16th Nov 2023 at 13:30 GMT, it was found to be -5.9.