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USA GDP ready for an upward revision - ING

FXStreet (Delhi) – Research Team at ING, suggests that they and the market are looking for an upward revision to US Q3 GDP (from 1.5% QoQ annualised to c.2%).

Key Quotes

“While a backward looking indicator, the revision should underpin the recent positive US story and keep USD bid, particularly in the context of ongoing Fed officials’ comments about the high likelihood of the Dec rate hike. Indeed, the San Francisco’s Fed Williams hinted at a “strong case” for a December rate hike over the weekend and reiterated the “close call” nature of the decision to keep interest rates on hold in October.”

“Moreover, the anticipated uptick in the US Nov Conference Board Consumer Confidence close to the 100 level (not far from its post financial crisis’ highs) should keep USD supported against both EUR and GBP, though it is unlikely to be enough for the DXY to break above the psychological 100 level.”

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