GDP

Although Durable Goods was stronger than expected, there is little to take from the other data points, as it was from so long ago.

As well as GDP, there were positive surprises in Jobless claims and durable goods orders

There are still a few important macro pointers that investors will be watching this week ahead of a very busy next week

GDP releases are crucial events on the forex trading calendar, measuring the percentage change in the economic output of a country. New GDP rates are highly anticipated by forex traders because of what they mean for the country’s economy and what policies central banks and government may enact in response.

Whilst Australia’s Q3 GDP was expected to soften relative to Q2, it came in softer than expected. And whilst household spending remains apparent, it is to the detriment to savings.

USD/CAD made a large move higher today, though it doesn’t seem like it was based on fundamentals.

UK investors more worried about a deteriorating global economy, than are hopeful about the US and other central banks easing rate hikes

Today’s US data did little to help traders change their minds regarding the possibility of a 75bps hike at next week’s FOMC meeting.

As the release of the final partials yesterday warned, Australian Q1 2022 Australian GDP has beaten expectations, rising by a solid 0.8% QoQ and 3.3% YoY, despite the impact of Omicron and the devastating rains and floods that hit the East Coast.

Just one week before the highly anticipated June RBA Board meeting, Australian Q1 2022 GDP is set to drop this Wednesday.

GBP/USD falls as stagflation fears rise. CAC rallies after the first round of the French elections.

As is often the case, Thursdays New Zealand's quarterly GDP release follows hot on the heels of the FOMC meeting and a few hours before Australia's monthly jobs data, likely making for a volatile session in Asia.

Hopes that growth in Australia would rebound in Q1 were easily met, with GDP rising 3.4% q/q compared to 3.0% expected.

An appetite for FX safe havens overnight led to JPY and CHF outperformance. Despite being a risky currency, the AUDUSD wasn’t far behind, finishing 0.5% higher at .7265.

One important piece of information to look at in the GDP data is the inflation component, which is called the Price Index or the Deflator.

China’s growth data may not have been as good as it was, yet neither was it as bad as feared.

The consensus view is for growth to have slowed in China’s GDP report today, leaving some to speculate that more stimulus could follow.