The final second quarter GDP figure in the US was revised higher to 3.90%, from 3.70%, surprising the markets. Median estimates expected to see the final number remain unchanged at 3.70%. The upward revision in GDP came with increased construction spending and consumer spending in areas of healthcare and transportation. The GDP print of 3.90% is the strongest quarterly gain so far this year and is in-line with the longer-term trend where the US economy is known to decline in the first quarter only to post strong gains by the second quarter. However, second quarter GDP was lower compared to the 4.6% recorded in second quarter of 2014. The US Dollar managed to close Friday's session with modest gains. The USDJPY currency pair closed the Friday session at 120.56 after testing a 10-day high at 121.23.
Dollar Gains on Fedspeak
Daily Analysis - 28/09/2015