Daily digest market movers: DXY down after GDP data
- The Bureau of Economic Analysis’s (BEA) initial estimate revealed a 1.6% YoY annualized expansion in the US Gross Domestic Product (GDP) for January-March.
- GDP figures were below market predictions of a 2.5% annual rise, lagging behind 3.4% YoY growth in Q4 2023.
- The US Department of Labor showed a decrease of 5K in Initial Jobless Claims for the week ending April 20, resulting in a total of 207K Initial Jobless Claims.
- The weekly decline in Initial Jobless Claims surpassed market forecasts, which projected 214K claims, a clear improvement from the prior week's total of 212K.
- Regarding expectations on the Fed, markets bet on 20% odds of a June rate cut. A potential Fed rate cut in July or even September isn't fully assumed either, pointing to strong confidence in ongoing US economic performance that justifies the delay of the easing cycle.
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