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May 30, 2013
Flash: US data takes center stage amidst specter of Fed-tapering – Deutsche Bank
FXstreet.com (Barcelona) - According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “Looking at the day ahead we suspect government bond markets will continue to be the main focus for investors.”
Given the recent moves in Treasuries, upcoming US data points will clearly be closely followed as in the near-term it may affect the speed and quantum of any Fed tapering. On that note, the second reading of the Q1 US GDP, initial jobless claims and pending home sales are the notable releases today.
Deutsche Bank's Joe LaVorgna is expecting today's first set of revisions to Q1 GDP to show only a modest change to the composition of growth seen last quarter. As a result they are projecting only a slight downward revision in growth to 2.4% from its initial, above-trend print of 2.5%. Initial jobless claims are largely expected to hold steady at 340k while pending home sales are expected to show a strong year-over-year improvement.
Given the recent moves in Treasuries, upcoming US data points will clearly be closely followed as in the near-term it may affect the speed and quantum of any Fed tapering. On that note, the second reading of the Q1 US GDP, initial jobless claims and pending home sales are the notable releases today.
Deutsche Bank's Joe LaVorgna is expecting today's first set of revisions to Q1 GDP to show only a modest change to the composition of growth seen last quarter. As a result they are projecting only a slight downward revision in growth to 2.4% from its initial, above-trend print of 2.5%. Initial jobless claims are largely expected to hold steady at 340k while pending home sales are expected to show a strong year-over-year improvement.