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Flash: US Q1 GDP to be revised down to 2.3% - RBS

FXstreet.com (San Francisco) - The US Bureau of Economic Analysis is scheduled to publish the first revision of the US GDP Q1 figures. The preliminary data was posted as 2.5% increase between Q4 2012 and Q1 2013. However, the RBS economic team expects the data to be revised down to 2.3%.

"Real GDP growth in Q1 is likely to have expanded at a marginally slower pace of 2.3% annualized versus 2.5% previously reported," states the bank.

"The largest source of the downward revision is likely to have been inventories," the bank adds, "which may have added just 0.4 percentage points to the headline advance." In the same line, "The growth in real final sales to domestic purchasers may have been raised from 1.5% annualized to 1.9%, which would match the Q4 pace."

RBS now believes "the overall real GDP advance in Q2 could be about the same as in Q1." In 2013's second half the bank looks "for growth to be only marginally stronger averaging 2.5%."

Flash: US economy strengthens US dollar - UBS

The EUR/USD fell below 1.2900 as US consumer confidence in May surprised significantly to the upside, printing 76.2 versus an upward revised 69.0, notes the UBS analyst team. "The latest print is the highest since early 2008 and corroborates the University of Michigan confidence index jump in May".
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USD/JPY rises to 102.35 in the US closing bell

After trading below the 102.00 area in the latest session hour, the USD/JPY has bounced at 101.85 to trade back at 102.35 just in the closing bell. Currently the USD/JPY is trading at 102.230, 1.30% positive on the day.
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