U.S. GDP In The Second Quarter Was Worse Than Market Expectations
The initial value of the US gross domestic product (GDP) in the second quarter increased by 6.5% on a quarter-on-quarter basis, which was far lower than the market forecast of 8.5%, and the previous value increased by 6.3%. The data may reflect those factors such as soaring inflation, supply chain disruption, and labor shortages are inhibiting local economic growth. During the period, the initial value of personal consumption expenditure increased by 11.8% year-on-year, which was higher than market expectations and the previous quarter’s 10.5% and 11.4% respectively. As for the initial value of the core PCE price index for personal consumption expenditure, it rose by 6.1% year-on-year, which was in line with market expectations, but the growth rate was much higher than the 2.7% revised in the previous quarter.
The Price Of Gold Rises Due To The Bad U.S. Economy
On Friday (July 30) Asian markets in early trading, the US dollar index continued to be under pressure, and is now at around 91.90. The US GDP data released on Thursday was less than expected, which put the US dollar under significant downward pressure, which pushed the price of gold to rise sharply and kept the gold price strong. The price of gold was trading above US$1830 per ounce. The Fed’s dovish stance was already bullish on the US dollar. cause some damages. On Friday, investors will usher in the most popular inflation indicator of the Federal Reserve (FED)-the PCE price index. The performance of this data is expected to have an important impact on market trends. The US Federal Open Market Committee (FOMC) decided to maintain its key interest rate at a near-zero level at a policy meeting that ended on Wednesday. The Fed stated that the U.S. economy and job market continued to strengthen, reiterating that rising inflation is only a temporary factor, and continued to move toward reducing its bond purchase plan. However, the Fed emphasized that policymakers need more economic improvements before they can clearly adopt austerity measures.
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