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US Q3 GDP second reading to be the highlight of the day - TDS

FXStreet (Delhi) – Research Team at TDS, suggests that it will be a fairly busy day for mid and lower-tier data, with the second reading of Q3 GDP standing out as the likely highlight.

Key Quotes

“Nearly all of the forecasting community is looking for an upward revision in growth, and the consensus estimate is for an increase from +1.5% to +2.1% Q/Q (annualized). We are slightly more conservative than the rest of the market, but are still looking for a modest increase to +1.8% Q/Q.”

“The Fed is far more concerned with future growth prospects than they are historical revisions, though they will nonetheless welcome any improvement in the Q2 data. To that end, the advance goods trade balance is probably the most important report scheduled for release. We are looking for declines in both import and export activity, which should see the goods trade balance remain relatively stable at -$59.3B (previous: -$59.1B) versus a consensus forecast of -$60.1B.”

“Other notable releases include the S&P/Case-Shiller house price index for September (TD: +0.7% m/m, consensus: +0.3% m/m) and the conference board consumer confidence index for November (TD: 96.2, consensus: 99.5).”

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