US GDP data
The main focus for today was towards the US GDP reading and market was looking for a contraction, however we do have a surprise towards the upside, but not so much of a positive response.
Next week we have a US NFP data and if that is robust also then we have very strong argument that rake hike can take place well before the current expectations. Many were thinking that the US GDP data was going to dip under 2% so it is a good news if you compare this to that.
Overall, not much reaction for the USD after the data and it looks like the bears have dodged the bullet.
Eurozone Inflation Data
It certainly looks like that the Eurozone has turned its corner on deflation as most of the reading released today has shown upticks which is music to Draghi’s ear.