Yesterday’s release of U.S. GDP figures for the second quarter confirmed that this country’s economic growth accelerated at an annual rate of 1.7%, higher than the 1% growth rate markets were forecasting. In addition, ADP data indicated that the private sector added 200,000 jobs in July, an encouraging sign before the release of Non Farm Payrolls figures tomorrow.
While markets were expecting the Fed to trim its bond purchasing program to $65 billion a month starting in September, Ben Bernanke stated that he will maintain this program at its current pace as long as needed. However, many still believe he will proceed with this tapering in September because of the frequent references he made to economic growth yesterday. He reiterated a few times that growth is soon expected to pick up from recent levels. Many believe that he is sending a clear message that the Fed intends to pull back from its bond-buying program. Wishing you a great day! Rana Karim
Range of the day: 1.0250-1.0340
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NBC Daily Forex : August 01, 2013
Published 08/04/2013, 04:22 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : August 01, 2013
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