8:30am (NY Time) US ADV GDP q/q Forecast -1.4% Previous -5.5%
ACTION: USD/JPY BUY -1.1% SELL -1.7%
It’s the broadest measure of economic activity and the primary gauge of the economy’s health, while this is q/q data, it’s reported in an annualized format (quarterly change x4). There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.
UPDATE: GDP came out better than expected at -1.0% versus -1.5% E, but the personal consumption was worse than expectation and previous -5.5% Q1 GDP was also revised down to -6.4%. Market reacted with some disappointment and risk aversion sentiment, then reversed 180 degree as the outlook for a third quarter recovery became a more probable outcome than before. Watch as I analyze the market, wait for a safe entry, and make 50+ pips from this release.