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USD/JPY Edges Lower After 2Q GDP Revision- All Eyes on Chair Yellen
The second reading of 2Q GDP was downgraded to 1.1% q/q, in line with market expectations, the Bureau of Econoimc Analysis reported today thereby raising economic recovery doubts. Meanwhile the agency revised higher 2Q personal consumption to 4.4% from an a preliminary print of 4.2%. Analysts polled by Bloomberg expected 2Q personal consumption to remain unchanged at 4.2%.Although economic activity numbers disappointed, consumer spending remains healthy and will continue to be the main source of growth in upcoming quarters as investment and exports falter. In a separate report July Advance Goods Trade Balance beat ... (full story)