Markets Today – Where’s North from Here?
US GDP data showed an unhappy combination of softer-than-expected growth and stronger-than-expected prices increases in Q1. A sharp subtraction from inventories means the growth outcome wasn’t as bad as it looks on face value, but the market’s focus was the signal of stronger prices, seeing US yields higher, led by the short end. Moves across FX markets were smaller, the US dollar flat on the day on the DXY, while equities surged, supported by strong tech earnings. The S&P500 was up 2.0%. The BoJ is today, while it’s a full data calendar tonight headlined by the US ECI. The US advanced GDP print came in at 1.1% ... (full story)
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